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If a deposit of $130 is made each month in an ordinary annuity and the annuity pays a monthy interest rate of 0.98% how much can be saved in 5 years? Assume the compounding is being done monthly.

Guest Mar 6, 2017
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FV = P x [1 + R]^N - 1 / 0.0098

FV =130 x [1.0098]^(5*12) -1 / 0.0098

FV = 130 x        81.14671324....

FV =$10,549.07

Guest Mar 6, 2017

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