Question 1142613
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As this problem is presented,  it makes it clear that you make your first steps in learning saving plans.


There are two classic saving plans that suit to this scheme:  Ordinary Annuity saving plans  and  Annuity Due saving plans.


In this site,  there are lessons devoted to these plans

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=http://www.algebra.com/algebra/homework/Sequences-and-series/Ordinary-Annuity-saving-plans-and-geometric-progressions.lesson>Ordinary Annuity saving plans and geometric progressions</A>

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=http://www.algebra.com/algebra/homework/Sequences-and-series/Annuity-due-saving-plans-and-geometric-progressions.lesson>Annuity Due saving plans and geometric progressions</A>

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/Sequences-and-series/Solved-problem-on-Ordinary-Annuity-saving-plans.lesson>Solved problems on Ordinary Annuity saving plans</A> 



<pre>
If regular deposits are made at the end of each month, then it is a classic Ordinary Annuity saving plan. The general formula is 


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


where  FV is the future value of the account;  P is the 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).


From this formula, you get for the monthly payment 


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


Under the given conditions, FV = $87,000;  r = 0.05/12;  n = 15*12.  So, according to the formula (1), you get for the monthly payment 


    P = {{{87000*(((0.05/12))/((1+0.05/12)^(15*12)-1))}}} = $325.49.


<U>Answer</U>.  The necessary monthly deposit value is $325.49.
</pre>

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The referred lessons contain &nbsp;EVERYTHING &nbsp;you need to know about this subject, &nbsp;in clear and compact form.


When you learn from these lessons, &nbsp;you will be able to do similar calculations in semi-automatic mode.