document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1061843>Question 1061843</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How much would you need to deposit in an account each month in order to have $30,000 in the account in 9 years? Assume the account earns 8% interest. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #676598 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=676598\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Total=P((1+r/t)^nt-1)/r/t; assuming monthly compounding<BR>\n" );
document.write( "30000=P(1+.0066667)^108-1/0.006667 don't round<BR>\n" );
document.write( "multiply both sides by (.08/12)<BR>\n" );
document.write( "200=P(2.0495-1)<BR>\n" );
document.write( "P=200/1.0495<BR>\n" );
document.write( "=$190.56<BR>\n" );
document.write( " </SPAN>\n" );
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