Suppose you invest $150 a month for 8 years into an account earning 9% compounded monthly. After 8 years, you leave the money, without making additional deposits, in the account for another 29 years. How much will you have in the end?
Assuming the money is put into the account at THE BEGINNING of the month
FV = pmt { (1+i)^n -1)/i } * (1+ i ) n = 8 * 12 = 96 i = .09/12 pmt = 150
= 21135.76 after 8 years
then 21 135.76 ( 1.0075) 29*12 =284 640 .66
Assuming the money is put into the account at THE END of the month
pmt { ((1+i)n -1)/i) } = 20978.42
then 20978.42 (1.0075)29*12 = 282 521 .79