document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1178549>Question 1178549</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Aldo is going to a bank to start a savings account for his college fund. The bank will open an account for him that gains 5% COMPOUND interest. Aldo wants to know how much money he will have in 8 years if he puts $1200 in today. Round your answer to two decimal places.\r<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 #807844 by </B><A HREF=/tutors/aboutme.mpl?userid=mananth><B>mananth(16946)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=mananth><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=mananth><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=807844\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Principal 1200<BR>\n" );
document.write( "years 8<BR>\n" );
document.write( "rate 5%\r<BR>\n" );
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document.write( "Amount = p*r(1+(r/n)^n-1\r<BR>\n" );
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document.write( "Principal P =	1200									<BR>\n" );
document.write( "Amount=	A									<BR>\n" );
document.write( "years=n	8.00									<BR>\n" );
document.write( "compounded	1	times a year		t						<BR>\n" );
document.write( "Rate =	5.00			0.05						<BR>\n" );
document.write( "Amount =	P*((n+r)/n)^n*t									<BR>\n" );
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document.write( "Amount =	=	1200	*(	1	+	0.05	)^	1	*	8.00<BR>\n" );
document.write( "Amount =	1200	*(	1	+	0.05	)^	8			<BR>\n" );
document.write( "	1200	*(	1.05	)^	8.00					<BR>\n" );
document.write( "Amount =	1772.95									<BR>\n" );
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