document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1086375>Question 1086375</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Tyler has $60,000 to invest for 3 years. Estimate which investment option will earn more interest. calculate to verify your estimate.\r<BR>\n" );
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document.write( "A. 5.1% simple interest, calculated monthly\r<BR>\n" );
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document.write( "B. 4.9% compound interest, calculated annually </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #700570 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><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/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=700570\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Tyler has $60,000 to invest for 3 years. Estimate which investment option will earn more interest. calculate to verify your estimate. <BR>\n" );
document.write( "A. 5.1% simple interest, calculated monthly<BR>\n" );
document.write( "I = P*r*t<BR>\n" );
document.write( "I = 60,000*0.051*3 = $9180<BR>\n" );
document.write( "I = P(1+(r/n)^(nt) - P = 60000(1+0.051/12)^(12*3)-60000<BR>\n" );
document.write( "=60000[(1+0.051/12)^(12*3)-1]<BR>\n" );
document.write( "= 60000*0.164947 = $9896.83<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.   </SPAN>\n" );
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