document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1072699>Question 1072699</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How much money should be deposited today in an account that earns 6.5 %<BR>\n" );
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document.write( "compounded monthly so that it will accumulate to $ 14,000<BR>\n" );
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document.write( "in three&#8203; years?\r<BR>\n" );
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document.write( " I got 2,478.29 and it is wrong. All i have done is plug it into my calculator. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #687526 by </B><A HREF=/tutors/aboutme.mpl?userid=rothauserc><B>rothauserc(4718)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=rothauserc><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=rothauserc><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=687526\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The compound interest formula is<BR>\n" );
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document.write( "Amount(A) = Principal(P) * (1 + rate(r)/number of times interest is compounded per year(n))^(n*time(t))<BR>\n" );
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document.write( "using variables<BR>\n" );
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document.write( "A = P * (1 + r/n)^nt<BR>\n" );
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document.write( "n = 12, t = 3, r = 0.065, A = 14000<BR>\n" );
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document.write( "14000 = P * (1 + 0.065/12)^36<BR>\n" );
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document.write( "P = 14000 / (1 + 0.065/12)^36 = 14000 /  1.2147 = 11525.48<BR>\n" );
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document.write( "The amount to be deposited today is $11525.48<BR>\n" );
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