document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1074811>Question 1074811</A>: <I><SPAN STYLE=\"word-break: break-all;\"> hank and peggy are saving money to purchase a new pickup truck. They decide to deposit $100 per month into an account paying 5.25% interest compounded monthly. Determine the value of their account after 5 years. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #689477 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=689477\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A = PMT((1+APR/n)^(nY)-1)/(APR/n)<BR>\n" );
document.write( "A = 100((1+0.0525/12)^(12*5)/(0.0525/12)<BR>\n" );
document.write( "Solve using your calculator, one step at a time: 0.0525/12; the result +1, the result to the power of 12*5, the result divided by 0.0525/12, and finally the result times 100.<BR>\n" );
document.write( "You should get:<BR>\n" );
document.write( "A = 29,701<BR>\n" );
document.write( "Happy learning,<BR>\n" );
document.write( "John </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );