document.write( "Question 1135580: You deposit $3000 at the beginning of each year into an account earning 6% interest compounded annually. How much will you have in the account in 15 years? \n" ); document.write( "
Algebra.Com's Answer #753210 by ikleyn(52803)\"\" \"About 
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\n" ); document.write( "\n" ); document.write( "You deposit $3000 at the beginning of each year into an account earning 6% interest compounded annually.
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document.write( "It is a classic Annuity Due saving plan. The general formula is \r\n" );
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document.write( "    FV = \"P%2A%281%2Br%29%2A%28%28%281%2Br%29%5En-1%29%2Fr%29\",    (1)\r\n" );
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document.write( "where  FV is the future value of the account;  P is your annual payment (deposit); r is the annual percentage rate presented as a decimal; \r\n" );
document.write( "n is the number of deposits (= the number of years, in this case).\r\n" );
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document.write( "Under the given conditions, P = 3000;  r = 0.06;  n = 15.  So, according to the formula (1), you get at the end of the 15-th year\r\n" );
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document.write( "    FV = \"3000%2A%281%2B0.06%29%2A%28%28%281%2B0.06%29%5E15-1%29%2F0.06%29\" = $74017.58.    ANSWER\r\n" );
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\n" ); document.write( "\n" ); document.write( "On Annuity Due saving plans,  see the lesson\r
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\n" ); document.write( "\n" ); document.write( "The lesson contain  EVERYTHING  you need to know about this subject,  in clear and compact form.\r
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\n" ); document.write( "\n" ); document.write( "When you learn from this lesson,  you will be able to do similar calculations in semi-automatic mode.\r
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