document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1169394>Question 1169394</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Assume that an 18-month CD purchased for $11,000 pays an APR of 6% compounded monthly. What is the APY? (Round your answer to two decimal places.)<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 #794087 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=794087\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> compounded monthly is (1+(.06/12))^12-1<BR>\n" );
document.write( "or 1.005^12-1=0.0617 or 6.17%. </SPAN>\n" );
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