document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1179161>Question 1179161</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A person wishes to have $28,000 cash for a new car 3 years from now. How much should be placed in an account now, if the account pays 6.1% annual interest rate, compounded weekly?\r<BR>\n" );
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document.write( "Please explain to me this question step-by-step.\r<BR>\n" );
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document.write( "Homework question from Hans Beauvoir  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #808672 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=808672\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <BR>\n" );
document.write( "P = A / (1 + r/n)^nt\r<BR>\n" );
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document.write( "P = principal<BR>\n" );
document.write( "A = amount accrued<BR>\n" );
document.write( "r = rate =6.01% = 0.061<BR>\n" );
document.write( "n= number of times compounded. ( weekly) = 52<BR>\n" );
document.write( "t= time in years\r<BR>\n" );
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document.write( "P = 28,000.00 / (1 + 0.061/52)^((52)(3))\r<BR>\n" );
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document.write( "P = 28,000.00 / (1 + 0.001173077)^(156)\r<BR>\n" );
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document.write( "Use calculator\r<BR>\n" );
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document.write( "P = $23,320.01<BR>\n" );
document.write( "The principal investment required to get a total amount of $28,000.00 is $23,320.01\r<BR>\n" );
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document.write( " </SPAN>\n" );
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