document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1177220>Question 1177220</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Holly is making monthly contributions of of $330 to her savings account which pays interest at the APR of 6.2%, compounded monthly. Right after Holly makes her 56th contribution, the bank changes the APR to 7.8% and Holly makes 44 more $330 contributions. What is Holly's balance right after her last contribution? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #805494 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><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=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=805494\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> you can use the financial calculator at <a  rel=nofollow HREF= \"\" target = \"_blank\"></a> to solve this problem.\r<BR>\n" );
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document.write( "the procedure is as follows:\r<BR>\n" );
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document.write( "inputs for first pass.\r<BR>\n" );
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document.write( "pv = 0<BR>\n" );
document.write( "fv = 0<BR>\n" );
document.write( "np = 56<BR>\n" );
document.write( "pmt = -330<BR>\n" );
document.write( "ir = 6.2% / 12 = .516666666666...<BR>\n" );
document.write( "payment at end of each time period.\r<BR>\n" );
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document.write( "click on fv and the calculator tells you that the future value is equal to 21,367.55.\r<BR>\n" );
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document.write( "inputs for second pass.\r<BR>\n" );
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document.write( "pv = -21367.55<BR>\n" );
document.write( "fv = 0<BR>\n" );
document.write( "np = 44<BR>\n" );
document.write( "pmt = -330<BR>\n" );
document.write( "ir  7.8% / 12 = .65<BR>\n" );
document.write( "payment at end of each time period.\r<BR>\n" );
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document.write( "click on fv and the calculator tells you that the future value is equal to 45,162.67.\r<BR>\n" );
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document.write( "holly's balance right after her last contribution is 45,162.67.\r<BR>\n" );
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document.write( "the monthly remaining balance report from excel will show the same results.\r<BR>\n" );
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document.write( "the following displays show the inputs and outputs to the online financial calculator.\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2021/031901.jpg\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2021/031902.jpg\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2021/031903.jpg\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2021/031904.jpg\" >\r<BR>\n" );
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document.write( "the following displays show excerpts from the output from the excel monthly remaining balance amounts.\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2021/031905.jpg\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2021/031907.jpg\" ><BR>\n" );
document.write( " </SPAN>\n" );
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