document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1053994>Question 1053994</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If Jackson deposited $400 at the end of each month in the saving account earing interest at the rate of 6%/year compounded monthly, how much will he have on deposite in his savings account at the end of 6 years, assuming that he makes no withdrawals during that period? Round your answers to two decimal places.<BR>\n" );
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document.write( "a. $34,538.54<BR>\n" );
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document.write( "b. $34,563.54<BR>\n" );
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document.write( "c. $34,541.61<BR>\n" );
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document.write( "d. $34,490.17<BR>\n" );
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document.write( "e. $34,463.31\r<BR>\n" );
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document.write( "Please Explain. Thank you </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #837697 by </B><A HREF=/tutors/aboutme.mpl?userid=mananth><B>mananth(16946)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=mananth><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=mananth><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=837697\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> formula for compound interest:\r<BR>\n" );
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document.write( "A = P(1 + r/n)^(nt)\r<BR>\n" );
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document.write( "Where:<BR>\n" );
document.write( "A = the final amount<BR>\n" );
document.write( "P = principal<BR>\n" );
document.write( "r = the annual interest rate (as a decimal)<BR>\n" );
document.write( "n = the number of periods the interest is compounded per year<BR>\n" );
document.write( "t = the time in years\r<BR>\n" );
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document.write( "P = $400<BR>\n" );
document.write( "r = 6% = 0.06 (annual rate)<BR>\n" );
document.write( "n = 12 (monthly compounding)<BR>\n" );
document.write( "t = 6 (years)\r<BR>\n" );
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document.write( "A = 400(1 + 0.06/12)^(12*6)<BR>\n" );
document.write( "A = 400(1.005)^72<BR>\n" );
document.write( "A = $31,159.12\r<BR>\n" );
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document.write( " Jackson will have $31,159.12 at the end of 6 years.<BR>\n" );
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