document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1116949>Question 1116949</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You receive a $165,000 inheritance from your parents and invest it in a savings plan earning 6 5/8% interest compounded monthly.  After 3 years you decide to deposit an additional $12,353.89 in the account and let the money sit for 10 more years.  What is the future value of this investment? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #731983 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><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=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=731983\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> your annual interest rate is 6 and 5/8 percent.\r<BR>\n" );
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document.write( "divide that by 12 to get a monthly interest rate of 53/96 percent per month.\r<BR>\n" );
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document.write( "divide that by 100 and the interest rate is 53/9600 per month.\r<BR>\n" );
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document.write( "your initial investment is 165,000 which sits there for 3 + 10 = 13 years.\r<BR>\n" );
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document.write( "your additional investment is 12,353.89 which sits there for 10 years.\r<BR>\n" );
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document.write( "13 years * 12 = 156 months.\r<BR>\n" );
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document.write( "10 years * 12 = 120 months.\r<BR>\n" );
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document.write( "the future value of the 165,000 is equal to 165,000 * (1 + 53/9600) ^ 156 = 389,485.5552.\r<BR>\n" );
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document.write( "the future value of the 12,353.89 is equal to 12,353.89 * (1 + 53/9600) ^ 120 = 23,918.42112\r<BR>\n" );
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document.write( "your total future value is the sum of these which is equal to 413,403.9763.\r<BR>\n" );
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document.write( " </SPAN>\n" );
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