document.write( "Question 999001: Jason deposited $100.00 at the end of each month for five years into an account paying 6% compounded monthly. What will be the balance in the account at the end of the five-year term?
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Algebra.Com's Answer #616677 by ikleyn(52909)\"\" \"About 
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\n" ); document.write( "This is \"Ordinary annuity saving plan\".  On how it works see the lesson Ordinary Annuity saving plans and geometric progressions  in this site.\r
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\n" ); document.write( "\n" ); document.write( "This  ordinary annuity  saving plan works in such a way that the first deposit earns interest at the monthly rate \r
\n" ); document.write( "\n" ); document.write( "of  \"6%2F12\"% = \"0.5\"%  for  59 = 60-1  months.  For the last month of the period of 60 months the interest is not credited.
\n" ); document.write( "The second deposit earns interest for  58  months, the third deposit earns interest for  57  months, and so on.
\n" ); document.write( "The 59-th deposit earns interest for  1  month, and the last, 60-th deposit is not credited,  so it contributes to the \r
\n" ); document.write( "\n" ); document.write( "final balance without interest.\r
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\n" ); document.write( "\n" ); document.write( "So,  Jason's balance at the end of the  5-th year is \r
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\n" ); document.write( "\n" ); document.write( "Total = 100*\"%28%281.005%5E60-1%29%2F%281.005-1%29%29\" = 6977.00.\r
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\n" ); document.write( "\n" ); document.write( "Answer.  Jason's balance at the end of the  5-th year is  $6977.00.\r
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