Question 1084563
The question is:
Hannah invests $4500 in an investment with an APR of 5.2% compounded monthly. She also makes a monthly deposit of $200 per month into this same investment. What is the total amount of money in this investment after 3 years?

I tried the savings formula: 4500 * ((1+(.052/12)^(3*12)-1) / (.052/12)
which didn't have anywhere to fit the $200 in, and also got me 0 as an answer. What formula should I use?
<pre>Use the FUTURE VALUE of $1 FORMULA, or: {{{A = P(1 + i/m)^(mt)}}} for the $4,500 lump-sum, where:
{{{A}}} = Future value of the ACCUMULATED amount in the account after "t" years
{{{P}}} = Principal or original amount invested  
{{{i}}} = Annual interest rate
{{{m}}} = Number of compounding periods, per annum
{{{t}}} = Time, in years amount is invested

Use the **FUTURE VALUE of an ORDINARY ANNUITY FORMULA, or: {{{FV[oa] = PMT * (((1+i/m)^(mt)-1)/(i/m)))}}} for the $200 monthly payment/deposit, where:
{{{FV[oa]}}} = Future value of the $200 monthly payments/deposits after "t" years
{{{PMT}}}  = Payment/Deposit per period
{{{i}}}    = Annual interest rate
{{{m}}}    = Number of compounding periods, per annum
{{{t}}}    = Time, in years amount is invested

** You already know and have used this formula, but the 4,500 s/b 200.
		
Add the 2 and you should have the total amount in the account after 3 years. Hint: (Total amount s/b: $$13,031.75).