document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1160603>Question 1160603</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Is It A? I'm checking my answers.\r<BR>\n" );
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document.write( "Sam deposited $4400 in a savings account earning 6% compounded monthly. If she makes no other deposits or withdrawals, how much will she have in her account in two years?\r<BR>\n" );
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document.write( "A. $4959.50\r<BR>\n" );
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document.write( "B. $4928.00\r<BR>\n" );
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document.write( "C. $9342.76\r<BR>\n" );
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document.write( "D. $9328.00\r<BR>\n" );
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document.write( "The question is provided in the link here: https://i.imgur.com/Id03qWq.png </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #783947 by </B><A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><B>jim_thompson5910(35256)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><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/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=783947\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <font color=black size=3><BR>\n" );
document.write( "P = amount deposited, aka principal = 4400<BR>\n" );
document.write( "r = interest rate in decimal form = 0.06<BR>\n" );
document.write( "n = number of times money is compounded per year = 12 (aka monthly)<BR>\n" );
document.write( "t = number of years = 3\r<BR>\n" );
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document.write( "Compound interest formula<BR>\n" );
document.write( "A = P*(1+r/n)^(n*t)<BR>\n" );
document.write( "A = 4400*(1+0.06/12)^(12*2)<BR>\n" );
document.write( "A = 4400*(1+0.005)^(24)<BR>\n" );
document.write( "A = 4400*(1.005)^(24)<BR>\n" );
document.write( "A = 4400*1.12715977620539 which is approximate<BR>\n" );
document.write( "A = 4959.50301530371<BR>\n" );
document.write( "A = 4959.50\r<BR>\n" );
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document.write( "You have the correct answer. Nice work.<BR>\n" );
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