document.write( "Question 935854: suppose that you set up a new ira that pay an apr of 5% compounded monthly. if you contribute $200 per month for 13 years how much will the ira contain at the end of that time \n" ); document.write( "
Algebra.Com's Answer #569271 by Theo(13342)\"\" \"About 
You can put this solution on YOUR website!
you can solve using an online calculator.
\n" ); document.write( "set present value = 0
\n" ); document.write( "set future value = 0
\n" ); document.write( "set number of pmts = 13 * 12 = 156
\n" ); document.write( "set interest per pay period % = 5/12 = .416667
\n" ); document.write( "set payment at to end\r
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\n" ); document.write( "\n" ); document.write( "use the calculator to tell you that fv = $43,821.89\r
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\n" ); document.write( "\n" ); document.write( "the calculator i used can be found at http://www.arachnoid.com/lutusp/finance.html\r
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\n" ); document.write( "\n" ); document.write( "that website also shows you the manual formula you would use.
\n" ); document.write( "if you use the manual formula, you will be using the interest rate rather than the percent.
\n" ); document.write( "interest rate = interest percent divided by 100.\r
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\n" ); document.write( "\n" ); document.write( "interest percent per month = 5 / 12 = .416667
\n" ); document.write( "interest rate per month = .05 / 12 = .00416667\r
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