document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1115102>Question 1115102</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Suppose you invest $50 a month in an annuity that earns 48% APR compounded monthly. How much money will you have in this account after 2 years? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #730011 by </B><A HREF=/tutors/aboutme.mpl?userid=addingup><B>addingup(3677)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=addingup><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=addingup><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=730011\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Assuming she deposits the $50 at the end of the month:<BR>\n" );
document.write( "Future Value = 50{[[(1+(0.48/12))^(12*2)]-1]/(0.48/12)}<BR>\n" );
document.write( "= 50{[(1.04^24)-1]/0.04}<BR>\n" );
document.write( "= 50((2.563-1)/0.04)<BR>\n" );
document.write( "= 50(39.075)<BR>\n" );
document.write( "= 1,953.75 </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );