document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1077463>Question 1077463</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If you deposit $800 per month into a simple annuity, with APR 4.2%. how much do you have at the end of 25 years? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #692297 by </B><A HREF=/tutors/aboutme.mpl?userid=jorel1380><B>jorel1380(3719)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jorel1380><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=jorel1380><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=692297\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The future value of an annuity is given by the formula P=r(FV)/(1+r)^n -1, where P=payment,r=periodic rate of interest,and n is the number of periods. Here,we have payments of 800/month, or 9600/year. The interest rate is 4.2%, and there are 25 periods. So:<BR>\n" );
document.write( "9600=.042(FV)/(1.042)^25 -1<BR>\n" );
document.write( "FV=410743.60<BR>\n" );
document.write( "The expected future value of this annuity is $410743.60. &#9786;&#9786;&#9786;&#9786; </SPAN>\n" );
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