document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1068997>Question 1068997</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 	<BR>\n" );
document.write( "In order to accumulate enough money for a down payment on a&#8203; house, a couple deposits $ 567 per month into an account paying 3 % compounded monthly. \r<BR>\n" );
document.write( "\n" );
document.write( "If payments are made at the end of each&#8203; period, how much money will be in the account in 6 years?\r<BR>\n" );
document.write( "\n" );
document.write( "&#8203;(Round to the nearest&#8203; dollar.) </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #684237 by </B><A HREF=/tutors/aboutme.mpl?userid=addingup><B>addingup(3677)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=addingup><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=addingup><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=684237\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Monthly deposits: $567 at the end of each month<BR>\n" );
document.write( "Interest earned: 3% compounded 12 times per year<BR>\n" );
document.write( "find balance after 6 years<BR>\n" );
document.write( "If I got that right, then:<BR>\n" );
document.write( "567{[(1+(0.03/12)]^(12*6)-1}/(0.03/12)<BR>\n" );
document.write( "= 567(1.197-1)/0.0025<BR>\n" );
document.write( "= 567(78.8) = $44,679.60<BR>\n" );
document.write( "-------------------------------------------<BR>\n" );
document.write( "Reference info you should know:<BR>\n" );
document.write( "How much money did you put into this account? 567*72 = 40,824<BR>\n" );
document.write( "How much interest did you earn over the 72 months? 44,679.6-40,824 = 3,855.60<BR>\n" );
document.write( ":<BR>\n" );
document.write( "John\r<BR>\n" );
document.write( "\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );