document.write( "Question 1120480: Jimmy opens a savings account with a $280 deposit at the beginning of the month. The account earns 4.3% annual interest compounded monthly. At the beginning of each subsequent month, Jimmy deposits an additional $280. How much will the account be worth at the end of 14 years? $ \n" ); document.write( "

Algebra.Com's Answer #736146 by ankor@dixie-net.com(22740) $\"\"$ $\"About$

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Jimmy opens a savings account with a $280 deposit at the beginning of the month.
\n" ); document.write( " The account earns 4.3% annual interest compounded monthly.
\n" ); document.write( " At the beginning of each subsequent month, Jimmy deposits an additional $280.
\n" ); document.write( " How much will the account be worth at the end of 14 years? $
\n" ); document.write( ":
\n" ); document.write( "14 * 12 = 168 periods
\n" ); document.write( ":
\n" ); document.write( "The annuity formula:
\n" ); document.write( "FV = 280 $\"%28%281%2B%28.043%2F12%29%29%5E168-1%29%2F%28.043%2F12%29\"$
\n" ); document.write( "do the math
\n" ); document.write( "FV = 280(229.8985)
\n" ); document.write( "FV = $64,371.60 \n" ); document.write( "

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