document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1088801>Question 1088801</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How much would you need to deposit in an account now in order to have $6000 in the account in 15 years? Assume the account earns 6% interest compounded monthly. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #703158 by </B><A HREF=/tutors/aboutme.mpl?userid=mathmate><B>mathmate(429)</B></A><img src=\"/images/stars/stars-10.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=mathmate><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=mathmate><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=703158\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Question:<BR>\n" );
document.write( "How much would you need to deposit in an account now in order to have $6000 in the account in 15 years? Assume the account earns 6% interest compounded monthly.<BR>\n" );
document.write( " <BR>\n" );
document.write( "Solution:<BR>\n" );
document.write( "The compound interest equation<BR>\n" );
document.write( "F=P(1+i)^n<BR>\n" );
document.write( "F=6000,<BR>\n" );
document.write( "i=0.06/12=0.005 per month<BR>\n" );
document.write( "n=15*12 months/year = 180<BR>\n" );
document.write( "P=F/(1+i)^n<BR>\n" );
document.write( "=6000/(1.005^180)<BR>\n" );
document.write( "=2444.89<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );