document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1087486>Question 1087486</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Please help.  <BR>\n" );
document.write( "Michael wins $600,000 (after taxes) in the lottery and decides to invest half of it in a 5 year CD that pays 4.95% interest compound monthly.  He invests the other half in a money market fund that retirement account that averages 7.3% interest compounded annually over the 5 year period.  How much money will he have altogether in the two accounts at the end of the 5 year period? show all work\r<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #701796 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=701796\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The two equations are<BR>\n" );
document.write( "$300000(1+(0.0495/12)^60, dividing the interest by 12 and having 60 compoundings.<BR>\n" );
document.write( "$300000(1+0.073)^5<BR>\n" );
document.write( "They are equal to $384,050.25 and $426697.27<BR>\n" );
document.write( "That sum is $810,747.52.<BR>\n" );
document.write( "On the calculator, start with the 1 + per cent interest. Raise that to the appropriate power without rounding, then multiply by $300,000, rounding only at the end. </SPAN>\n" );
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