The answer has been given, my question is what is the formula G(P/G, i, N) mean, and why should the formula G(P/G, i, N) be multiplied by formula (F/P, i, N) in the answer.

(5 Marks) How much is accumulated over two years in each of the following savings plan? $30 at the end of the first month, $31 at the end of the second month, and so forth, increasing by $1 per month, for 24 months pt 12 percent compounded monthly = = A = $30; G = $1, i = 7% per months; n = 24 months F = $30(F/A, 1%, 24) + $1(P/G,1%, 24)(F/P, 1%, 24) = = = 30 * 26.973 + 1 * 234.179 * 1.27 = 809.19 +297.41 = $1,106.6 Therefore, you would have $1106.60 at end of 24 months