Question 1176143
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            To be correct,  the problem  MUST  SAY  that the account is compounded monthly.



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If the payment is made at the end of each month, then it is the standard Ordinary Annuity saving plan.


<pre>
Future value  FV = {{{m*(((1+(r/n)^nt )- 1)/(r/n))}}}


In this problem,  m = 160, n = 12 paying/compounding periods in an year, t = 17 years (not 18, as other tutor used in his calc.)


P = {{{160*(((1+(0.07/12))^(12*17)-1)/(0.07/12))}}} = $62420.19.           <U>ANSWER</U>
</pre>

Solved.


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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.