document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1195633>Question 1195633</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Suppose you invest $150 a month for 3 years into an account earning 7% compounded monthly. After 3 years, you leave the money, without making additional deposits, in the account for another 25 years. How much will you have in the end? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #828393 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=828393\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> P=m((1+(r/n))^nt-1/(r/n); r/n=.07/12; nt=12*3=36<BR>\n" );
document.write( "P=150(1.00583333)^36-1/0.00583333<BR>\n" );
document.write( "round only at end<BR>\n" );
document.write( "=$5989.52<BR>\n" );
document.write( "now for that over the next 25 years, use P=5989.52(1.0058333333)^300<BR>\n" );
document.write( "=$34,392.50 is the answer.<BR>\n" );
document.write( "rough check:<BR>\n" );
document.write( "rule of 70 says double in 10 years.<BR>\n" );
document.write( "25 years is two doublings and more. but not 3.<BR>\n" );
document.write( "Two doublings is almost $24,000. Three would be $48,000. This answer is reasonable. </SPAN>\n" );
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