document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1197704>Question 1197704</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Sean deposited $1500 in bank,earning an interest of 3% per year.If he took out 1/3 of the money after 2 years and that the instrest was fixed at 3% each year,how many would he have left in the bank?<BR>\n" );
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document.write( "I'm assuming the interest is compounded annually.\r<BR>\n" );
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document.write( "P = 1500 = deposit amount<BR>\n" );
document.write( "r = 0.03 = decimal form of the 3% annual interest<BR>\n" );
document.write( "n = 1 = compounding once per year<BR>\n" );
document.write( "t = 2 = number of years\r<BR>\n" );
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document.write( "A = P*(1+r/n)^(n*t)<BR>\n" );
document.write( "A = 1500*(1+0.03/1)^(1*2)<BR>\n" );
document.write( "A = 1500*(1+0.03)^(2)<BR>\n" );
document.write( "A = 1500*(1.03)^(2)<BR>\n" );
document.write( "A = 1500*1.0609<BR>\n" );
document.write( "A = 1591.35\r<BR>\n" );
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document.write( "Sean will have $1591.35 in the bank after 2 years.<BR>\n" );
document.write( "1/3 of that amount is (1/3)*1591.35 = 530.45 which is the amount he withdraws. <BR>\n" );
document.write( "There will be 1591.35 - 530.45 = <font color=red>1060.90 dollars</font> left in the bank.\r<BR>\n" );
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document.write( "Alternative calculation:<BR>\n" );
document.write( "(2/3)*1591.35 = <font color=red>1060.90 dollars</font><BR>\n" );
document.write( "This is because if he takes out 1/3 of the money, then 1-(1/3) = 2/3 of it remains.<BR>\n" );
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