document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1119880>Question 1119880</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You would like to have $1,000,000 when you retire in 35 years. How much should you invest each quarter if you can earn a rate of 7.4% compounded quarterly?\r<BR>\n" );
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document.write( "How much should you deposit each quarter?\r<BR>\n" );
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document.write( "How much total money will you put into the account?\r<BR>\n" );
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document.write( "How much total interest will you earn? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #735515 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=735515\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> FV=Payment ((1+i)^n-1/i), i is r/n or .074/4<BR>\n" );
document.write( "1000000*0.074=P*(1.(074/4)^140-1), the 140 being the number of quarters in 35 years<BR>\n" );
document.write( "18500=P*13.018-1, round at end<BR>\n" );
document.write( "P=$1539.36\r<BR>\n" );
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document.write( " </SPAN>\n" );
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