document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1200903>Question 1200903</A>: <I><SPAN STYLE=\"word-break: break-all;\"> the time of her grandson's birth, a grandmother deposits $7000 in an account that pays compounded monthlyWhat will be the value of the account at the child's twenty-first birthday, assu that no other deposits or withdrawals are made during this period? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #835131 by </B><A HREF=/tutors/aboutme.mpl?userid=greenestamps><B>greenestamps(13200)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=greenestamps><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=greenestamps><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=835131\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <br><BR>\n" );
document.write( "However you entered the interest rate, it does not show in you post.<br><BR>\n" );
document.write( "But there is no need to re-post, because the method for finding the answer is straightforward.<br><BR>\n" );
document.write( "If the given interest rate is x percent, then that figure is an annual percentage rate; the monthly percentage interest rate is then x/12.<br><BR>\n" );
document.write( "The money is left in the account for 21 years, which is 21*12 = 252 months.<br><BR>\n" );
document.write( "The amount in the account after 21 years is the original amount, multiplied by the growth factor 252 times.<br><BR>\n" );
document.write( "Example: if the annual interest rate is 6%, then the monthly interest rate is 0.5%, which as a decimal is 0.005.  The monthly growth factor is then 1+0.005 = 1.005.  The amount in the account at the end of 21 years will then be<br><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=7000%281.005%29%5E252 ALIGN=MIDDLE  ALT=\"7000%281.005%29%5E252\"   DISABLED_style= \"max-width:90%; height:auto;\" ><br><BR>\n" );
document.write( "which to the nearest cent is $24,600.59<br><BR>\n" );
document.write( "Perform the same calculation with the interest rate given in your problem; make sure you express the monthly interest rate as a decimal, as in my example.<br><BR>\n" );
document.write( " </SPAN>\n" );
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