document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1193406>Question 1193406</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Question content area top<BR>\n" );
document.write( "Part 1<BR>\n" );
document.write( "A company will need ​$75,000 in 7 years for a new addition. To meet this​ goal, the company deposits money in an account today that pays ​4% interest compounded annually. Find the amount to the nearest hundred dollars that should be invested to total ​$75,000 in 7 years.<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #825430 by </B><A HREF=/tutors/aboutme.mpl?userid=math_tutor2020><B>math_tutor2020(3817)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=math_tutor2020><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=825430\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <font color=black size=3><BR>\n" );
document.write( "Answer: <font color=red>$57,000</font>\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "Work Shown:<BR>\n" );
document.write( "A = P(1+r/n)^(n*t)<BR>\n" );
document.write( "75,000 = P(1+0.04/1)^(1*7)<BR>\n" );
document.write( "75,000 = P(1.31593177923584)<BR>\n" );
document.write( "P = 75,000/(1.31593177923584)<BR>\n" );
document.write( "P = 56,993.8359901548<BR>\n" );
document.write( "P = 56,993.84<BR>\n" );
document.write( "P = <font color=red>57,000</font>\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "The 993.84 bumps up to 1000 when rounding to the nearest hundred dollars, which leads to 56000+1000 = 57000<BR>\n" );
document.write( "In other words, 56993.84 is closer to 57000 than it is to 56900.<BR>\n" );
document.write( "</font> </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );