document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1173371>Question 1173371</A>: <I><SPAN STYLE=\"word-break: break-all;\"> a.	For their newborn child, parents deposit $10,000 in a college account that pays 8% interest, compounded annually. How much will be in the account on the child’s 17th birthday? <BR>\n" );
document.write( "b.	If the parents in the previous question invested $10,000 in an account paying 8%, compounded quarterly, how much more money would they have after 17 years? <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 #798595 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=798595\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> this is 10000(1+.08)^17=$37,000.18<BR>\n" );
document.write( "this becomes 10000(1+(.08/4))^68, divide the interest by the number of times compounded a year then raise to the total number of times compounded.<BR>\n" );
document.write( "=$38,442.51<BR>\n" );
document.write( "They would have $1442.33 more. </SPAN>\n" );
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