Question 498977
time point 0 you deposit $1150
time point 1 through n you deposit $150
each time point is another year.
time point 1 is the end of the first year.
time point 2 is the end of the second year. 
etc.
the interest rate is 3.8% per year compounded monthly.
3.8% is .038 annual interest rate.
divide that by 12 to get .00316666667 interest rate per month.
you have 2 equations that will provide you with the results you want.
the first equation is the future value of a present amount.
the second equation is the future value of a payment.
those formulas can be found at the following address:
<a href = "http://www.algebra.com/algebra/homework/Finance/FINANCIAL-FORMULAS-101.lesson" target = "_blank">http://www.algebra.com/algebra/homework/Finance/FINANCIAL-FORMULAS-101.lesson</a>
those formulas will provide you with the following results after you provide them with the necessary information.
for 20 years in the future:
the future value of a present amount formula requires:
PA = 1150
i = .00316666667
n = 12 * 20 = 240
the future value of a payment formula requires:
PMT = 150
i = .00316666667
n = 12 * 20 = 240
for 30 years in the future:
same information except:
n = 12 * 30 = 360 in both formulas.
the answers you get should be the following:
future value of a present amount for 20 years = $2,456 rounded to the nearest dollar.
future value of a payment for 20 years = $53,797 rounded to the nearest dollar.
future value of a present amount for 30 years = $3,589 rounded to the nearest dollar.
future value of a payment for 30 years = $100,475 rounded to the nearest dollar.
you add the future value of a present amount and the future value of a payment together to get:
20 year future value = $56,252.86 rounded to the nearest penny.
30 year future value = $104,064.44 rounded to the nearest penny.