document.write( "Question 1084563: The question is:
\n" ); document.write( "Hannah invests $4500 in an investment with an APR of 5.2% compounded monthly. She also makes a monthly deposit of $200 per month into this same investment. What is the total amount of money in this investment after 3 years?\r
\n" ); document.write( "\n" ); document.write( "I tried the savings formula: 4500 * ((1+(.052/12)^(3*12)-1) / (.052/12)
\n" ); document.write( "which didn't have anywhere to fit the $200 in, and also got me 0 as an answer. What formula should I use? \n" ); document.write( "

Algebra.Com's Answer #698661 by MathTherapy(10552) $\"\"$ $\"About$

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The question is:
\n" ); document.write( "Hannah invests $4500 in an investment with an APR of 5.2% compounded monthly. She also makes a monthly deposit of $200 per month into this same investment. What is the total amount of money in this investment after 3 years?\r
\n" ); document.write( "\n" ); document.write( "I tried the savings formula: 4500 * ((1+(.052/12)^(3*12)-1) / (.052/12)
\n" ); document.write( "which didn't have anywhere to fit the $200 in, and also got me 0 as an answer. What formula should I use?
\n" ); document.write( "

Use the FUTURE VALUE of $1 FORMULA, or:  for the $4,500 lump-sum, where:
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document.write( " = Future value of the ACCUMULATED amount in the account after \"t\" years
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document.write( " = Principal or original amount invested  
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document.write( " = Annual interest rate
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document.write( " = Number of compounding periods, per annum
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document.write( " = Time, in years amount is invested\r
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document.write( "Use the **FUTURE VALUE of an ORDINARY ANNUITY FORMULA, or:  for the $200 monthly payment/deposit, where:
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document.write( " = Future value of the $200 monthly payments/deposits after \"t\" years
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document.write( "  = Payment/Deposit per period
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document.write( "    = Annual interest rate
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document.write( "    = Number of compounding periods, per annum
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document.write( "    = Time, in years amount is invested\r
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document.write( "** You already know and have used this formula, but the 4,500 s/b 200.
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document.write( "Add the 2 and you should have the total amount in the account after 3 years. Hint: (Total amount s/b: $$13,031.75). \n" );
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