document.write( "Question 1181949: What will the future value be if you open the account with $1,000 today, and then make
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Algebra.Com's Answer #811936 by ikleyn(52787) $\"\"$ $\"About$

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\n" ); document.write( "What will the future value be if you open the account with $1,000 today, and then make
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document.write( "It works as if you have two separate accounts:\r\n" );
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document.write( "    (a) one account is the principal $1000 deposited once for 10 years at 8% compounded annually;\r\n" );
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document.write( "    (b) and the other, which is an Ordinary Annuity plan with $100 deposits at the end of each year \r\n" );
document.write( "        at 8% compounded annually.\r\n" );
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document.write( "For the first account, the future value after 10 years is\r\n" );
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document.write( "        FV1 =  =  = 2158.93  dollars.\r\n" );
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document.write( "For the second account, the future value after 10 years is\r\n" );
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document.write( "        FV2 =  =  = 1448.66  dollars.\r\n" );
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document.write( "Now, the future value of the original account in 10 years is the sum of these two amounts \r\n" );
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document.write( "        FV = FV1 + FV2 = 2158.93 + 1448.66 = 3607.59 dollars.    ANSWER\r\n" );
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