Annuities math problem

Annual deposit into TFSA = $14,400
investment period (N)  =  15 years
Money yield (i) = 12.2%
Inflation rate(j) = 2.5%
Adjusted rate / real yield (i’) = (i-j)/(1+j) = (0.122 – 0.025)/(1+0.025)  =9.4634146

FVA(9.4634146%,15) = future value of an annuity = \(\frac{\left(1+i\right)^n-1}{i}=\)\(\frac{\left(1+0.094634146\right)^{15}-1}{0.094634146}=30.452172\)

The equation for the accumulated amount, Momin would have after 15 years in TFSA, is:
= Annual deposit  x FVA(i’, n)

= $14,400 x FVA(9.4634146%,15)

= $14,400 x 30.452172

= $438,511.28

Therefore, the amount Momin will have saved after 15 years would be $ 438,511.28