document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1208037>Question 1208037</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You deposit $400 each month into an account earning 8% interest compounded monthly.<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( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #846170 by </B><A HREF=/tutors/aboutme.mpl?userid=ikleyn><B>ikleyn(52778)</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=846170\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> .\r<BR>\n" );
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document.write( "This problem in the post is formulated INCORRECTLY.\r<BR>\n" );
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document.write( "Why ? - Because there are TWO classic/standard TYPES of annuities.\r<BR>\n" );
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document.write( "Ordinary annuity saving plan assumes that the deposits are made at the end of each month.\r<BR>\n" );
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document.write( "Annuity Due saving plan assumes that the deposits are made at the beginning of each month.\r<BR>\n" );
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document.write( "These different types annuities use different formulas and lead to different final amounts.\r<BR>\n" );
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document.write( "An accurate formulation must define in its description, which annuity is considered.\r<BR>\n" );
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document.write( "It must say when the deposits are made: at the beginning of months or at the end of months.\r<BR>\n" );
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document.write( "Without it, the problem's formulation is INCOMPLETE.\r<BR>\n" );
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document.write( "I noticed/pointed it at this forum many times, but without any visible outcome.\r<BR>\n" );
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document.write( "So, based on this my experience, I conclude, that to teach these persons <BR>\n" );
document.write( "to write these problems correctly is the same as to hit wood with a stick.\r<BR>\n" );
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