SOLUTION: tom saves $300 at the end of each month for 20 years. he invests the money at 14% a compounded monthly. how much will he have saved?

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Question 936143: tom saves $300 at the end of each month for 20 years. he invests the money at 14% a compounded monthly. how much will he have saved?
Answer by ptfile(81) About Me  (Show Source):
You can put this solution on YOUR website!
Let A = Periodic amount
    R = Interest rate
    N = Number of intervals
    T = duration of payment
   FV = Future Value

FV+=+A%28%28%281%2Br%2Fn%29%5E%28nt%29-1%29%2F%28r%2Fn%29%29
FV+=+300%28%28%281%2B.14%2F12%29%5E%28%2812%29%2820%29%29-1%29%2F%28.14%2F12%29%29
FV+=+300%28%28%281.011666667%29%5E240-1%29%2F.011666667%29
FV+=+300%28%28%2816.180271338%29-1%29%2F.011666667%29
FV+=+300%2815.180271338%2F.011666667%29
FV+=+300%281301.16607751%29
FV+=+390349.82
He saved $390349.82 in 20 years.