document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1195157>Question 1195157</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How much would you need to deposit in an account now in order to have $6000 in the account in 5 years? Assume the account earns 3% interest compounded monthly.<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 #827553 by </B><A HREF=/tutors/aboutme.mpl?userid=josgarithmetic><B>josgarithmetic(39621)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=josgarithmetic><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=827553\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=N%2A%281.03%29%5E5=6000 ALIGN=MIDDLE  ALT=\"N%2A%281.03%29%5E5=6000\"   DISABLED_style= \"max-width:90%; height:auto;\" >-----if for annually\r<BR>\n" );
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document.write( "MONTHLY,<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=12%2A5=60 ALIGN=MIDDLE  ALT=\"12%2A5=60\"   DISABLED_style= \"max-width:90%; height:auto;\" > months<BR>\n" );
document.write( "and monthly rate would be <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=3%2F12=0.25 ALIGN=MIDDLE  ALT=\"3%2F12=0.25\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=N%2A%281.0025%29%5E60=6000 ALIGN=MIDDLE  ALT=\"N%2A%281.0025%29%5E60=6000\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
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document.write( "N, amount to invest now today<BR>\n" );
document.write( "0.03, yearly interest rate<BR>\n" );
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document.write( "5, how many years the N amount will be invested\r<BR>\n" );
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document.write( "The number of monthly compounding periods is <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=5years%2A12%28months%2Fyear%29=60%2Amonths ALIGN=MIDDLE  ALT=\"5years%2A12%28months%2Fyear%29=60%2Amonths\"   DISABLED_style= \"max-width:90%; height:auto;\" >.\r<BR>\n" );
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document.write( "What is monthly interest rate?  <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=0.03%2F12=0.0025 ALIGN=MIDDLE  ALT=\"0.03%2F12=0.0025\"   DISABLED_style= \"max-width:90%; height:auto;\" >.\r<BR>\n" );
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document.write( "If N were invested for just one year, then BALANCE would be  <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=N%2A1.0025%5E12 ALIGN=MIDDLE  ALT=\"N%2A1.0025%5E12\"   DISABLED_style= \"max-width:90%; height:auto;\" >; but your example is for 60 months or nearly enough to 60 compounding periods. </SPAN>\n" );
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