document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1116261>Question 1116261</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Compute the amount of money to be set aside today to ensure a future value of &#8203;$3 comma 100 in one year if the interest rate is 4.5&#8203;% &#8203;annually, compounded annually. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #731129 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=731129\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 3100=P(1+.045)^n, since this is annual.  P is what needs to be set aside, n is the number of years.  n here is 1.<BR>\n" );
document.write( "3100=P(1.045)<BR>\n" );
document.write( "P=$2966.51<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );