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Deposits of ​$150 per month are put into an investment plan that pays an APR of 3.8​%. How much money will be in the plan after 21 ​years?

Guest Oct 29, 2017
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This is the formula you would use to find the FV of your investment plan:

FV = P x {[1 + R]^N - 1 / R}

FV =150 x {[1 + 0.038/12]^(21*12) - 1 / (0.038/12)}

FV =150 x {[1 + 0.003166667]^252 - 1 / (0.003166667)}

FV =150 x {[1.003166667]^252 - 1 / (0.003166667)}

FV =150 x { 1.2182956173............../  (0.00316667)}

FV =150 x                         384.72493178165...........

FV =$57,708.74 This is the balance in the investment account after 21 years.

Guest Oct 29, 2017

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