document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1141905>Question 1141905</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Miranda wants to give her 14 year old daughter $20000 when she turns 18. How much does she need to put in the bank now if the interest rate is 10 percent per year? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #762547 by </B><A HREF=/tutors/aboutme.mpl?userid=ankor@dixie-net.com><B>ankor@dixie-net.com(22740)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ankor@dixie-net.com><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=ankor@dixie-net.com><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=762547\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Miranda wants to give her 14 year old daughter $20000 when she turns 18.<BR>\n" );
document.write( " How much does she need to put in the bank now if the interest rate is 10 percent per year?<BR>\n" );
document.write( ":<BR>\n" );
document.write( "Assuming the interest rate is compounded annually, Ao = initial amt<BR>\n" );
document.write( "Ao*(1.1)^4 = 20000 <BR>\n" );
document.write( "1.4641*Ao = 20000<BR>\n" );
document.write( "Ao = 20000/1.4641<BR>\n" );
document.write( "Ao = $13,660.27 </SPAN>\n" );
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