document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=133195>Question 133195</A>This question is from textbook <A HREF=http://www.amazon.com/exec/obidos/ASIN/9780534404512/algebrahomeworkh>Fundamentals of Algebric Modeling</A><BR>\n" );
document.write( ": <I><SPAN STYLE=\"word-break: break-all;\"> How much interest will be earned at the end of three years on a deposit of $15,000 in an account paying 3.25% interest compound  monthly?\r<BR>\n" );
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document.write( "My answer is: 15,000 (1 + 0.0325) (36)<BR>\n" );
document.write( "15,000 (1 + 0.002708333)(36)<BR>\n" );
document.write( "15,000 * 1.097499988 =<BR>\n" );
document.write( "$16,462.50<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 #97433 by </B><A HREF=/tutors/aboutme.mpl?userid=checkley71><B>checkley71(8403)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=checkley71><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/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=97433\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> THE FORMULA IS:<BR>\n" );
document.write( "P(1+R/N)^T*N WHERE R=ANNUAL RATE N=NUMBER OF PERIODS PER YEAR & T=NUMBER OF YEARS.<BR>\n" );
document.write( "15,000(1+.0325/12)^3*12<BR>\n" );
document.write( "15,000(1+.0027083)^36<BR>\n" );
document.write( "15,000(1.0027083)^36<BR>\n" );
document.write( "15,000*1.102264842<BR>\n" );
document.write( "$16,533.97 ANSWER. </SPAN>\n" );
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