document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1129443>Question 1129443</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Your rich uncle just gave you a gift of $40,000. You are investing this money for 15 years at 7 percent simple interest. How much money will you have at the end of the 15 years?  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #746020 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=746020\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> I=prt=40000*0.07*15=$42,000 of interest<BR>\n" );
document.write( "But the principal is also part of this, so the total will be $82,000\r<BR>\n" );
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document.write( "Simple interest compounded (not the question) would be P=Po(1+r)^15<BR>\n" );
document.write( "P=40000(1+.07)^15, rule of 72 would say this will double in 10 years, so expect answer to be well over $80,000 but doesn't double twice, so below $160,000<BR>\n" );
document.write( "$110,361.26  Compounding matters! </SPAN>\n" );
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