document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1150066>Question 1150066</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Calculate what $750 would grow to at 6% per year compounded daily for 9 years. (Use the Table 12.2.) (Round your final answer to the nearest cent.)<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 #771431 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=771431\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> not sure what table you are looking at.\r<BR>\n" );
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document.write( "however, the formula is:\r<BR>\n" );
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document.write( "f = p * (1 + r) ^ n<BR>\n" );
document.write( "f is the future value<BR>\n" );
document.write( "p is the present value<BR>\n" );
document.write( "r is he interest rate per time period<BR>\n" );
document.write( "n is the number of time periods.\r<BR>\n" );
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document.write( "normally, 365 days per year is assumed; the interest rate per year is used,  not the percent.<BR>\n" );
document.write( "therefore, the formula becomes:\r<BR>\n" );
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document.write( "f = 750 * (1 + .06/365) ^ (9 * 365) = 1286.948032.<BR>\n" );
document.write( "round to the nearest penny to get 1286.95.\r<BR>\n" );
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document.write( "the interest rate per time period turns out to be .06/365 equals:<BR>\n" );
document.write( ".0001643835616.\r<BR>\n" );
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document.write( "the number of time periods turns out to be 9 * 365 = 3285.\r<BR>\n" );
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document.write( "your table might combine the two and tell you that 9 years at 6% per year compounded daily = (1 + .001643835616 ^ 3285 = 1.715930709.\r<BR>\n" );
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document.write( "that would be the factor that you multiply the present value of 750 by.\r<BR>\n" );
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document.write( "your table might also be rounded to 3 or 4 decimal places.\r<BR>\n" );
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document.write( "note that 750 * (1 + .06/365) ^ (9 * 365) = 750 * 1.715930709 = 1286.948032.\r<BR>\n" );
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document.write( "there might be some slight differences due to rounding of intermediate results.\r<BR>\n" );
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document.write( "for example, the table might show 1.7159.<BR>\n" );
document.write( "in that case, your answer might be 750 * 1.7159 = 1286.93 rounded to the nearest penny.\r<BR>\n" );
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