document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=124290>Question 124290</A>: <I><SPAN STYLE=\"word-break: break-all;\">  I need $1000 dollars for my holidays in 12 months time. I have an instrument yielding 10% interest compounded monthly. How much do I need to invest?\r<BR>\n" );
document.write( "\n" );
document.write( "A $670<BR>\n" );
document.write( "B $1100<BR>\n" );
document.write( "C $900<BR>\n" );
document.write( "D $905<BR>\n" );
document.write( "E $500<BR>\n" );
document.write( "F $890\r<BR>\n" );
document.write( "\n" );
document.write( "I'm not sure where to start,any help would be very much appriciated. I would like to see the steps and the correct answer so I'm able to answer these types of word problems in the future. Thank you so much for your time. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #91083 by </B><A HREF=/tutors/aboutme.mpl?userid=josmiceli><B>josmiceli(19441)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=josmiceli><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=josmiceli><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=91083\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The equation for compound interest is<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+P%281+%2B+%28r%2Fn%29%29%5E%28nt%29 ALIGN=MIDDLE  ALT=\"A+=+P%281+%2B+%28r%2Fn%29%29%5E%28nt%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=P ALIGN=MIDDLE  ALT=\"P\"   DISABLED_style= \"max-width:90%; height:auto;\" > is the amount invested<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=r ALIGN=MIDDLE  ALT=\"r\"   DISABLED_style= \"max-width:90%; height:auto;\" > is the compound rate of interest<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=n ALIGN=MIDDLE  ALT=\"n\"   DISABLED_style= \"max-width:90%; height:auto;\" > is the times per year compounded<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=t ALIGN=MIDDLE  ALT=\"t\"   DISABLED_style= \"max-width:90%; height:auto;\" > is the time in years<BR>\n" );
document.write( "I need $1000, so <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+1000 ALIGN=MIDDLE  ALT=\"A+=+1000\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=1000+=+P%281+%2B+%28.1%2F12%29%29%5E%2812%2A1%29 ALIGN=MIDDLE  ALT=\"1000+=+P%281+%2B+%28.1%2F12%29%29%5E%2812%2A1%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=1000+=+P%281.00833%29%5E12 ALIGN=MIDDLE  ALT=\"1000+=+P%281.00833%29%5E12\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=1000+=+P%2A1.10467 ALIGN=MIDDLE  ALT=\"1000+=+P%2A1.10467\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=P+=+1000+%2F+1.10467 ALIGN=MIDDLE  ALT=\"P+=+1000+%2F+1.10467\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=P+=+905 ALIGN=MIDDLE  ALT=\"P+=+905\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "Yhe answer is (d). You need to invest $905 </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );