Question 1181686
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This problem is about a weekly payment for Ordinary Annuity saving plan.


The formula for the Ordinary Annuity saving plan is


f = {{{p * (((1 + r)^n-1)/r)}}},


f is the future value
p is the monthly payment
r is the interest rate per time period
n is the number of time periods.


In your problem:


time periods are weeks.


f = 9000
p = the weekly deposit amount, which you want to find
r = 0.05/12
n = 8 years * 52 weeks = 416 payment periods


formula becomes 9000 = {{{p*((1 + 0.05/52)^416-1)/((0.05/52))}}}


solve for p to get:


p = {{{(9000*(0.05/52)) / ((1 + 0.05/52)^416-1))}}} = 17.61  dollars.


You should deposit $17.61 weekly in order to have $9,000 in 8 years at 5% per year compounded weekly.


Your total direct deposit will be only  $16.51*52*8 = 6868.16  dollars.

The rest is the interest which the account will earn.
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Solved.


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On Ordinary Annuity saving plans 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.


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