document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1202319>Question 1202319</A>: <I><SPAN STYLE=\"word-break: break-all;\"> On his son's 3rd birthday his parents deposited P20,000 in his name in a investment house paying 2 7/12% every three months. Find the value of his savings when he reaches age 18. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #837054 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=837054\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 18 - 3 = 15 years of investment.<BR>\n" );
document.write( "every 3 months is compounded quarteerly.<BR>\n" );
document.write( "15 years * 4 quarters per year = 60 quarter.<BR>\n" );
document.write( "2 and 7/12% per quarter = 2.58333333...% per quarter.<BR>\n" );
document.write( "this is a one time investment at the beginning of the invewtment period.<BR>\n" );
document.write( "the formula to use is f = p * (1 + r) ^ n<BR>\n" );
document.write( "f is the future value<BR>\n" );
document.write( "p is the present value<BR>\n" );
document.write( "(1 + r) is the growth factor per quarter<BR>\n" );
document.write( "n is the number of quarters.<BR>\n" );
document.write( "the formula becomes f = 20,000 * (1+.0258333333...) ^ 60 = 92,392.86.<BR>\n" );
document.write( "that's  how much will be in the account at the end of the investment period.<BR>\n" );
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