document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1134095>Question 1134095</A>: <I><SPAN STYLE=\"word-break: break-all;\"> $24,000 is deposited for 5 years in an account earning 7% interest. (Round your answers to two decimal places.)<BR>\n" );
document.write( "(a) Calculate the interest earned if interest is compounded semiannually.<BR>\n" );
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document.write( "(b) Calculate the interest earned if interest is compounded quarterly.<BR>\n" );
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document.write( "(c) How much more interest is earned on the account when the interest is compounded quarterly?<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #751457 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=751457\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> P=Po(1+(r/n))^nt for semiannually<BR>\n" );
document.write( "=24000(1.035)^10<BR>\n" );
document.write( "=$33854.37, round at end\r<BR>\n" );
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document.write( "for quarterly<BR>\n" );
document.write( "=24000(1.0175)^20<BR>\n" );
document.write( "=$33954.68, a little higher, as it should be<BR>\n" );
document.write( "$100.31 more\r<BR>\n" );
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