Question 1126409
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<pre>
It is a classic Ordinary Annuity saving plan. The general formula is 


    FV = {{{P*(((1+r)^n-1)/r)}}},    (1)


where  FV is the future value of the account;  P is your monthly payment (deposit); r is the monthly percentage yield presented as a decimal; 
n is the number of deposits (= the number of years multiplied by 12, in this case).


Under the given conditions, P = 200;  r = 0.14/12;  n = 12*14 = 168.  So, according to the formula (1), you get at the end of the 14-th year


    FV = {{{200*(((1+0.14/12)^(12*14)-1)/((0.14/12)))}}} = {{{200*(((1+0.14/12)^168-1)/((0.14/12)))}}} = $103187.


Note that you deposit only  12*14*$200 = $33600.  The rest is what the account earns/accumulates in 14 years.
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On Ordinary Annuity saving plans, &nbsp;see the lessons

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