document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1202016>Question 1202016</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How much money should be invested in an account that earns 9% interest, compounded monthly, in order to have $13,000 in 5 years? (Round your answer to two decimal places.)<BR>\n" );
document.write( "$ <BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #836681 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><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=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=836681\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> f = p * (1 + r) ^ n<BR>\n" );
document.write( "at 9% compounded monthly and the money invested for 5 years, the formula becomes:<BR>\n" );
document.write( "13,000 = p * (1 + .09/12) ^ (12 * 5)<BR>\n" );
document.write( "solve for p to get:<BR>\n" );
document.write( "p = 13,000 / ((1 + .09/12) ^ (12 * 5)) = 8,303.096082.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "confirm by replacing p in the original equation with 8303.096082 and solving for f to get:<BR>\n" );
document.write( "f = 8,303.096082 * (1 + .09/12) ^ (12 * 5) = 13,000.<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );