document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=810631>Question 810631</A>: <I><SPAN STYLE=\"word-break: break-all;\"> For the last five years Larissa has been depositing $135 at the end of every month into a savings account that earns 5.5% compounded quarterly. <BR>\n" );
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document.write( "If she continues this savings plan for another eight years, how much will she have in her savings account altogether?\r<BR>\n" );
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document.write( "i don't know how to solve this one can you help me  <BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #488321 by </B><A HREF=/tutors/aboutme.mpl?userid=ankor@dixie-net.com><B>ankor@dixie-net.com(22740)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ankor@dixie-net.com><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=ankor@dixie-net.com><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=488321\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> For the last five years Larissa has been depositing $135 at the end of every month into a savings account that earns 5.5% compounded quarterly.<BR>\n" );
document.write( "If she continues this savings plan for another eight years, how much will she have in her savings account altogether? <BR>\n" );
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document.write( "So I understand they want how much she has in 13 yrs. <BR>\n" );
document.write( "The payments are made monthly, but the interest compounds quarterly which complicates things. <BR>\n" );
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document.write( "We can get around this by saying that amt is 3*135=$405 deposited each quarter<BR>\n" );
document.write( "and there are 13 * 4 = 52 quarters.\r<BR>\n" );
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document.write( "The formula<BR>\n" );
document.write( "A = P*<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%28%281%2Bi%29%5Et-1%29%2Fi ALIGN=MIDDLE  ALT=\"%28%281%2Bi%29%5Et-1%29%2Fi\"   DISABLED_style= \"max-width:90%; height:auto;\" >, where<BR>\n" );
document.write( "i = interest rate per period in decimal form<BR>\n" );
document.write( "t = total time periods of the annuity\r<BR>\n" );
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document.write( "Interest rate for each period will be .055/4 = .01375<BR>\n" );
document.write( "T = 13 * 4 = 52 quarters<BR>\n" );
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document.write( "A = 405*<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%281.01375%5E52-1%29%2F.01375 ALIGN=MIDDLE  ALT=\"%281.01375%5E52-1%29%2F.01375\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "A = 405 * 75.21844<BR>\n" );
document.write( "A = $30,463.47<BR>\n" );
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document.write( "This does not quite agree with the annuity feature in my Ti-83 where<BR>\n" );
document.write( "you can have 12 monthly payments and quarterly paid interest<BR>\n" );
document.write( "It got: $30,602.67 </SPAN>\n" );
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