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 3 years ago
Linda invests $5000 into an account that pays 11% compounded quarterly. How much interest will she get after 5 years?
 3 years ago
Linda invests $5000 into an account that pays 11% compounded quarterly. How much interest will she get after 5 years?

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nowhereman
 3 years ago
Best ResponseYou've already chosen the best response.0Is her gain reinvested instantly or paid out?

00kirsten
 3 years ago
Best ResponseYou've already chosen the best response.0i dont no. thats the exact question. i copied n pasted it

nowhereman
 3 years ago
Best ResponseYou've already chosen the best response.0http://en.wikipedia.org/wiki/Compound_interest It is revinvested. That means you have to calculate \[5000\cdot 1.11^{4\cdot 5}\]

00kirsten
 3 years ago
Best ResponseYou've already chosen the best response.0wait how do i write 11% ??? 0.11 or 1.11 ??? ... and i dont no how to do that equation on a calculator

BecomeMyFan=D
 3 years ago
Best ResponseYou've already chosen the best response.0the final answer is 35311.56$

BecomeMyFan=D
 3 years ago
Best ResponseYou've already chosen the best response.0you do it like this:

nowhereman
 3 years ago
Best ResponseYou've already chosen the best response.011% = 0.11 but the original sum remains there too, so you have 1 + 11% = 1.11

BecomeMyFan=D
 3 years ago
Best ResponseYou've already chosen the best response.0\[5000(1+(11/100))^{5*4}\]

00kirsten
 3 years ago
Best ResponseYou've already chosen the best response.0this is how i wrote it .. .A = 5000 (1 = 0.11/4) 4x5

BecomeMyFan=D
 3 years ago
Best ResponseYou've already chosen the best response.0no, that is wrong

00kirsten
 3 years ago
Best ResponseYou've already chosen the best response.0i cant seem to figure that out on a calculator, u told me the answer but i cant get it on the calculator

nowhereman
 3 years ago
Best ResponseYou've already chosen the best response.0Is it 11% anually or quarterly?

00kirsten
 3 years ago
Best ResponseYou've already chosen the best response.0i meant to write 1 + 0.11

BecomeMyFan=D
 3 years ago
Best ResponseYou've already chosen the best response.0ok, the full formula for compound interest is this \[A=P(1+rate)^{number of years * timez per year}\] so the timezperyear is 4 in your case as there are 4 quoters in a year

nowhereman
 3 years ago
Best ResponseYou've already chosen the best response.0Ok, so that /4 was a mistake of yours. Well, what kind of functions does your calculator have? Is there a button that says "a^b" or maybe "x^y" ? Or otherwise there maybe buttons for "exp" and "ln"

00kirsten
 3 years ago
Best ResponseYou've already chosen the best response.0umm im doing it on my cellphone calculator so no

BecomeMyFan=D
 3 years ago
Best ResponseYou've already chosen the best response.0in a calculator it would look like A=P(1+rate)^(numberofyears∗timezperyear)

BecomeMyFan=D
 3 years ago
Best ResponseYou've already chosen the best response.0damn, you should get a casio fx series

nowhereman
 3 years ago
Best ResponseYou've already chosen the best response.0you can also do it on google or wolframalpha

BecomeMyFan=D
 3 years ago
Best ResponseYou've already chosen the best response.0or even better this: http://cgi.ebay.com/BrandNewCasioFX991ESScientificCalculator/260592979882?pt=Calculators&hash=item3cac8d4faa

00kirsten
 3 years ago
Best ResponseYou've already chosen the best response.0sooo how do i write down the equation

BecomeMyFan=D
 3 years ago
Best ResponseYou've already chosen the best response.0it can solve integrals, derivatives, logarithms, anything

BecomeMyFan=D
 3 years ago
Best ResponseYou've already chosen the best response.0like this: A = 5000(1+(11/100))^5∗4

BecomeMyFan=D
 3 years ago
Best ResponseYou've already chosen the best response.0which is: = 5000(1.11)^20

BecomeMyFan=D
 3 years ago
Best ResponseYou've already chosen the best response.0which is A = 5000 * 8.062311536 = 40311.55768 so now to get the compound interest subtract the 5000 from the answer, CI=40311.557685000 =35311.56

00kirsten
 3 years ago
Best ResponseYou've already chosen the best response.0one more?? Using the rule of 72, how long will it take to double your money if you invest in an account earning 3% interest? Give units of time (days, weeks, months, or years)

00kirsten
 3 years ago
Best ResponseYou've already chosen the best response.0ok i got it right thx :)

BecomeMyFan=D
 3 years ago
Best ResponseYou've already chosen the best response.0you just divide 72 by the percentage

00kirsten
 3 years ago
Best ResponseYou've already chosen the best response.0wat does it mean tho by give units of time (days,weeks, months, years???

BecomeMyFan=D
 3 years ago
Best ResponseYou've already chosen the best response.0or, if the question asks you how long it takes for the money to halve, divide 72 by percentage :)

BecomeMyFan=D
 3 years ago
Best ResponseYou've already chosen the best response.0it is there because the answer is not always in years, for example, if a question asks you how long it takes to double your money if you invest in an account earning 80% interest. It is IMPOSSIBLE in real life, but some questons might ask that, so, 72/80=0.9, which is 0.9 year, which is 365/10*9=328.5=329days

BecomeMyFan=D
 3 years ago
Best ResponseYou've already chosen the best response.0get it? but most of the times the answer is in years, so dont worry

00kirsten
 3 years ago
Best ResponseYou've already chosen the best response.0can you see if these are right for me please. 6. Find the simple interest on $500 for 3 years at 7%. is it like this 500 x 0.07 x 3 = $105 7. Find the simple interest on $800 at 8.75% for 100 days. is it like this $800 x .0875 x 100/365 = $19.18

BecomeMyFan=D
 3 years ago
Best ResponseYou've already chosen the best response.06. is right 7. is right

00kirsten
 3 years ago
Best ResponseYou've already chosen the best response.0sweet thanks and is this one right ... (last one) How much money would you have to invest to make $300 within 2 years if the interest rate was 4.5%? is the answer $3333.33

00kirsten
 3 years ago
Best ResponseYou've already chosen the best response.0i think like 3 diff people gave me different answers, so im so confused!!
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