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How much money would you have to invest to make $300 within 2 years if the interest rate was 4.5%?
 3 years ago
 3 years ago
How much money would you have to invest to make $300 within 2 years if the interest rate was 4.5%?
 3 years ago
 3 years ago

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INewtonBest ResponseYou've already chosen the best response.0
\[x \times 1.045^2 \geq 300 \implies x \geq \frac{300}{1.045^2}\]
 3 years ago

00kirstenBest ResponseYou've already chosen the best response.0
umm so whats the answer??
 3 years ago

INewtonBest ResponseYou've already chosen the best response.0
Umm, umm, umm... the answer is do your own homework, kiddo.
 3 years ago

INewtonBest ResponseYou've already chosen the best response.0
Or read what I posted and work out the answer for yourself.
 3 years ago

INewtonBest ResponseYou've already chosen the best response.0
Interest rate of 4.5% => value goes up by a factor of 1.045 each year.
 3 years ago

00kirstenBest ResponseYou've already chosen the best response.0
but that is confusing, thats not what it shows me to do on my practice stuff
 3 years ago

00kirstenBest ResponseYou've already chosen the best response.0
my practice stuff is like P = r x t stuff ... what you posted looks nothing like what im supposed to do, thats why i dont understand what u wrote
 3 years ago

INewtonBest ResponseYou've already chosen the best response.0
If m money is invested, you have 1.045m after one year, and 1.045^2 m money after two years. if this equals 300, you have m = 300/1.045^2 = 287.08 to 2 decimal places. So if you want over 300, the mimnimum amount (to the nearest $) is 288. There.
 3 years ago

INewtonBest ResponseYou've already chosen the best response.0
Where 1.045^2 = 1.045 x 1.045
 3 years ago

00kirstenBest ResponseYou've already chosen the best response.0
isnt it supposed to look something like ... 300 x .045 x 2 = ??
 3 years ago

INewtonBest ResponseYou've already chosen the best response.0
Oh, you want 300 extra, not 300 in total? My mistake, sorry. It would be m * 0.045 * 0.045 = 300 m=300/0.045^2 = 300/(0.045 * 0.45)
 3 years ago

00kirstenBest ResponseYou've already chosen the best response.0
300/0.045 x 2 = ?? is that wat its supposed to be like
 3 years ago

INewtonBest ResponseYou've already chosen the best response.0
The last one was a typo, sorry again. They're both 0.045. But it's 0.045 TIMES ITSELF. Not x 2. Sorry, so many silly mistakes by me, I was a little too mean earlier.
 3 years ago

INewtonBest ResponseYou've already chosen the best response.0
I study Mathematics at the best University in the world. I am sure.
 3 years ago

00kirstenBest ResponseYou've already chosen the best response.0
and what university is that mr.newton
 3 years ago

00kirstenBest ResponseYou've already chosen the best response.0
ohhh ic. My dads home england. So about that equation ... why did u do 0.045 twice??? im pretty sure i have to show the 2 in my equation
 3 years ago

INewtonBest ResponseYou've already chosen the best response.0
In the first year, it goes up by 4.5% , so you have 0.045 more. The second year, it goes up by it again, so you have ((1.045) x starting money) x 1.045) = starting money x 1.045 x 1.045 or 1.045^2. The extra money is 0.045 x 0.045 x starting money, and this is equal to 300.
 3 years ago

INewtonBest ResponseYou've already chosen the best response.0
Wait, one second. Sorry, it's about 4am here. You have 1.045 * 1.045 the starting money. If you want 300 extra, then 1.045^2 x starting money = starting money +300 So 300 = (1.045^21)m so m = 300/(1.045^21) = 300/((2.045)(0.045)). Wow, I am so sorry. What is wrong with me today. The answer is $3259.98 = $3260 3260 * 1.045 * 1.045 = 3560 = 3260 + 300. WOW, sorry, I have never looked at it for the profit not total, so made a silly mistake. Goodnight, And sorry again. fluttering hell, what's wrong with me today.
 3 years ago

INewtonBest ResponseYou've already chosen the best response.0
That is possibly the most embarrassingly bad maths I have done in my entire life.
 3 years ago

INewtonBest ResponseYou've already chosen the best response.0
Just another symbol for times, x, I use them interchangeably :(
 3 years ago

00kirstenBest ResponseYou've already chosen the best response.0
so he must invest 3259.98 to make $300 within 2 years if the interest rate was 4.5% ???
 3 years ago

INewtonBest ResponseYou've already chosen the best response.0
Yes, yes  300/(1.045 x 1.045  1) = 300/(2.045 x 0.45) = 3259.98 3259.9837, to be exact, but $3260 is probably what you want. I am going, sorry for wasting your time (and mine, I am going to have about 3 hours sleep now :/) Have a nice life.
 3 years ago
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