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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Your'e equation is :
Interest = Principal × Rate × Time
'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.
Is this right?
42,000 = P(a+ (.06/12))^196
P = $16119.75
$16119.75/12 = 1343.31
Is $1343.31 correct?
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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
Oh yes sorry about that typo.
Wait how come when I check $1343.31 it's not giving me $42,000?
I multiplied that with 16...
I'm doing it wrong probably...
your answer being :
your calculator is going to say: x=16120.015 y=42000
do you have a TI-83 graphing calculator?
but isn't 16119.75 only for "Deposited now" and not "deposited per month"?
did you get that answer? > 16119.75
If you want a FINAL amount you keep your initial amount. If you do not you subtract it.
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?