document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1183164>Question 1183164</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You deposit $100 each quarter into an account earning 7.7% Interest compounded quarterly. A. How much will you have in the account in 15 years? B. How much total money will you put into the account? C. How much total interest will you earn? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #813335 by </B><A HREF=/tutors/aboutme.mpl?userid=ikleyn><B>ikleyn(52781)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ikleyn><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=ikleyn><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=813335\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> .<BR>\n" );
document.write( "You deposit $100 each quarter into an account earning 7.7% Interest compounded quarterly. <BR>\n" );
document.write( "A. How much will you have in the account in 15 years? <BR>\n" );
document.write( "B. How much total money will you put into the account? <BR>\n" );
document.write( "C. How much total interest will you earn?<BR>\n" );
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document.write( "<PRE STYLE=\"white-space: pre-wrap; white-space: -moz-pre-wrap; white-space: -pre-wrap; white-space: -o-pre-wrap; word-wrap: break-word;\">\r\n" );
document.write( "It is a classic Ordinary Annuity saving plan. The general formula is \r\n" );
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document.write( "    FV = <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=P%2A%28%28%281%2Br%29%5En-1%29%2Fr%29 ALIGN=MIDDLE  ALT=\"P%2A%28%28%281%2Br%29%5En-1%29%2Fr%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >,    (1)\r\n" );
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document.write( "where  FV is the future value of the account;  P is your quarterly payment (deposit); \r\n" );
document.write( "r is the quarterly percentage yield presented as a decimal; \r\n" );
document.write( "n is the number of deposits (= the number of years multiplied by 4, in this case).\r\n" );
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document.write( "Under the given conditions, P = 100;  r = 0.77/4;  n = 4*15 = 60.  \r\n" );
document.write( "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 = <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=100%2A%28%28%281%2B0.077%2F4%29%5E%284%2A15%29-1%29%2F%28%280.077%2F4%29%29%29 ALIGN=MIDDLE  ALT=\"100%2A%28%28%281%2B0.077%2F4%29%5E%284%2A15%29-1%29%2F%28%280.077%2F4%29%29%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > = <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=100%2A%28%28%281%2B0.077%2F4%29%5E60-1%29%2F%28%280.077%2F4%29%29%29%29 ALIGN=MIDDLE  ALT=\"100%2A%28%28%281%2B0.077%2F4%29%5E60-1%29%2F%28%280.077%2F4%29%29%29%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > = $11,113.64.\r\n" );
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document.write( "Note that you deposit only  4*15*$100 = $6,000.  The rest,  $11,113.64 - $6000 = $5,113.64 is what the account earns/accumulates in 15 years.\r\n" );
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document.write( "On Ordinary Annuity saving plans, &nbsp;see the lessons\r<BR>\n" );
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document.write( "&nbsp;&nbsp;&nbsp;&nbsp;- <A  rel=nofollow HREF=http://www.algebra.com/algebra/homework/Sequences-and-series/Ordinary-Annuity-saving-plans-and-geometric-progressions.lesson>Ordinary Annuity saving plans and geometric progressions</A>\r<BR>\n" );
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document.write( "&nbsp;&nbsp;&nbsp;&nbsp;- <A  rel=nofollow HREF=https://www.algebra.com/algebra/homework/Sequences-and-series/Solved-problem-on-Ordinary-Annuity-saving-plans.lesson>Solved problems on Ordinary Annuity saving plans</A>\r<BR>\n" );
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document.write( "in this site.\r<BR>\n" );
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document.write( "The lessons contain &nbsp;EVERYTHING &nbsp;you need to know about this subject, &nbsp;in clear and compact form.\r<BR>\n" );
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document.write( "When you learn from these lessons, &nbsp;you will be able to do similar calculations in semi-automatic mode.\r<BR>\n" );
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