document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1191366>Question 1191366</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Suppose that $2300 is invested at 4.7% annual interest rate, compounded monthly. How much money will be in the account in (A)8 MONTHS and (B)4 years? round to the nearest cent.  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #828423 by </B><A HREF=/tutors/aboutme.mpl?userid=dezbee2008><B>dezbee2008(5)</B></A><img src=\"/images/stars/iconNewId_16x16.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=dezbee2008><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=dezbee2008><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=828423\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> We will be using the formula <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A=P%281%2Br%2Fn%29%5Ent ALIGN=MIDDLE  ALT=\"A=P%281%2Br%2Fn%29%5Ent\"   DISABLED_style= \"max-width:90%; height:auto;\" > where:<BR>\n" );
document.write( "A is the total accrued amount<BR>\n" );
document.write( "P is the principle ($2300)<BR>\n" );
document.write( "R is the rate (4.7/100 = 0.047)<BR>\n" );
document.write( "N is the number of times compounded (12 months)<BR>\n" );
document.write( "T is the time (in years, in this case we will use 2/3 for 8 months and 4 for 4 years)\r<BR>\n" );
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document.write( "After 8 Months<BR>\n" );
document.write( "Write the formula: A=P(1+r/n)^nt<BR>\n" );
document.write( "Plug in the numbers: A=$2300(1+.047/12)^(12)(2/3)<BR>\n" );
document.write( "Multiply the exponents: A=$2300(1+.047/12)^8<BR>\n" );
document.write( "Divide the fraction in the parenthesis: A=$2300(1+.0039)^8<BR>\n" );
document.write( "Add in the parenthesis: A=$2300(1.0039)^8<BR>\n" );
document.write( "Solve the exponent: A=$2300(1.0316)<BR>\n" );
document.write( "Finish the problem: A=$2372.68\r<BR>\n" );
document.write( "\n" );
document.write( "After 4 Years<BR>\n" );
document.write( "Write the formula: A=P(1+r/n)^nt<BR>\n" );
document.write( "Plug in the numbers: A=$2300(1+.047/12)^(12)(4)<BR>\n" );
document.write( "Multiply the exponents: A=$2300(1+.047/12)^48<BR>\n" );
document.write( "Divide the fraction in the parenthesis: A=$2300(1+.0039)^48<BR>\n" );
document.write( "Add in the parenthesis: A=$2300(1.0039)^48<BR>\n" );
document.write( "Solve the exponent: A=$2300(1.2054)<BR>\n" );
document.write( "Finish the problem: A=$2774.70 </SPAN>\n" );
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