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anonymous

  • 5 years ago

How much money would have to be deposited per month (where the deposits will be made at the end of each month) at 6% interest compounded monthly to accumulate to $42,000 in 16 years.

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  1. anonymous
    • 5 years ago
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    Your'e equation is : Interest = Principal × Rate × Time where: 'Interest' is the total amount of interest paid, 'Principal' is the amount lent or borrowed, 'Rate' is the percentage of the principal charged as interest each year. The rate is expressed as a decimal fraction, so percentages must be divided by 100. For example, if the rate is 15%, then use 15/100 or 0.15 in the formula. 'Time' is the time in years of the loan. www.teacherschoice.com

  2. anonymous
    • 5 years ago
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    Is this right? A=P(1+(r/n))^nt 42,000 = P(a+ (.06/12))^196 P = $16119.75 $16119.75/12 = 1343.31 Is $1343.31 correct?

  3. anonymous
    • 5 years ago
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    I meant to write 1 not "a" in the question.

  4. anonymous
    • 5 years ago
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    42000 =C(1+(.06/12)^ (12x16)) if you have a calculator - TI-83 you put 42000 into your y1 & the other side of the equation into your y2. & then find the intersecting points. yes you're right except for the number above its supposed to be 16x12 = 192 not 196

  5. anonymous
    • 5 years ago
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    Oh yes sorry about that typo. Wait how come when I check $1343.31 it's not giving me $42,000?

  6. anonymous
    • 5 years ago
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    I multiplied that with 16... I'm doing it wrong probably...

  7. anonymous
    • 5 years ago
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    your answer being : 16120.02 your calculator is going to say: x=16120.015 y=42000

  8. anonymous
    • 5 years ago
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    do you have a TI-83 graphing calculator?

  9. anonymous
    • 5 years ago
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    but isn't 16119.75 only for "Deposited now" and not "deposited per month"?

  10. anonymous
    • 5 years ago
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    yes

  11. anonymous
    • 5 years ago
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    did you get that answer? > 16119.75

  12. anonymous
    • 5 years ago
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    If you want a FINAL amount you keep your initial amount. If you do not you subtract it.

  13. anonymous
    • 5 years ago
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    Yea i didn't do it with the calculator though...I solved it using the formula because my teacher wants us to show work. So the final answer would be 1-the pvalue?

  14. anonymous
    • 5 years ago
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    If you're looking for your final amount, yes.

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