document.write( "Question 1137171: Second year students association has decided to deposit ugx 500,000 every month will realize 2% per month for the period of five years .how much would the deposit grow at the end of five years\r
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Algebra.Com's Answer #755010 by ikleyn(52788)\"\" \"About 
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\n" ); document.write( "Second year students association has decided to deposit ugx 500,000 \"highlight%28at_the_end_of%29\" every month
\n" ); document.write( "will realize 2% per month for the period of five years .how much would the deposit grow at the end of five years
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document.write( "It is a classic Ordinary Annuity saving plan. The general formula is \r\n" );
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document.write( "    FV = \"P%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 the monthly payment (deposit); r is the monthly percentage yield presented as a decimal; \r\n" );
document.write( "n is the number of deposits (= the number of years multiplied by 12, in this case).\r\n" );
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document.write( "Under the given conditions, P = 500000;  r = 0.02;  n = 12*5 = 60.  So, according to the formula (1), at the end of the 5-th year\r\n" );
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document.write( "    FV = \"500000%2A%28%28%281%2B0.02%29%5E%2812%2A5%29-1%29%2F0.02%29\" = \"500000%2A%28%28%281%2B0.02%29%5E60-1%29%2F0.02%29\" = 57,025,769.71.       ANSWER\r\n" );
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\n" ); document.write( "\n" ); document.write( "On Ordinary Annuity saving plans,  see the lessons\r
\n" ); document.write( "\n" ); document.write( "    - Ordinary Annuity saving plans and geometric progressions\r
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\n" ); document.write( "\n" ); document.write( "The lessons 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 these lessons,  you will be able to do similar calculations in semi-automatic mode.\r
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\n" ); document.write( "\n" ); document.write( "On Ordinary Annuity saving plans,  see the lessons\r
\n" ); document.write( "\n" ); document.write( "    - Ordinary Annuity saving plans and geometric progressions\r
\n" ); document.write( "\n" ); document.write( "    - Solved problems on Ordinary Annuity saving plans\r
\n" ); document.write( "\n" ); document.write( "in this site.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "The lessons contain  EVERYTHING  you need to know about this subject,  in clear and compact form.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "When you learn from these lessons,  you will be able to do similar calculations in semi-automatic mode.\r
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