Question 1154807
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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 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).


Under the given conditions, P = 75;  r = 0.07/12;  n = 12*15 = 180.  So, according to the formula (1), 
you get at the end of the 15-th year


    FV = {{{75*(((1+0.07/12)^(12*15)-1)/((0.07/12)))}}} = {{{75*(((1+0.07/12)^180-1)/((0.07/12)))}}} = $23,772.17.
</pre>

So, with this plan you will not get your goal.


Solve the next Question 2 using the same formula and substituting new data.


Happy calculations (!)


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On Ordinary Annuity saving plans, &nbsp;see the lessons

&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=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>

in this site.


The 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.