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Deposits of​$100 per month are put into an investment plan that pays an APR of 4.5​%. How much money will be in the plan after 20 ​years?

A total of ​$  will have been paid into the account over 20 years and after the 20 ​years, the account will have a balance of ​$

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Guest Oct 19, 2017
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Use this formula to get the FV of the investment:

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

FV =$100 x {[1 + 0.45/12]^(20*12) - 1 / (0.045/12)}

FV =$38,812.44 - This is what you should have after 20 years.

Guest Oct 19, 2017

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