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 #692620 by </B><A HREF=/tutors/aboutme.mpl?userid=akch2002><B>akch2002(12)</B></A><img src=\"/images/stars/stars-06.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=akch2002><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=akch2002><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=692620\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> This is ordinary annuity problem.<BR>\n" );
document.write( "We have <BR>\n" );
document.write( "FV = PMT[(1+i)^n-1]/i<BR>\n" );
document.write( "Here PMT = 800, i = 4.2%/12 = 4.2/1200, n = 25*12 = 300<BR>\n" );
document.write( "Hence, FV = 800[(1+4.2/1200)^300-1]/(4.2/1200)<BR>\n" );
document.write( "= 423409.65 </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );