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then subtract, etc, and plug in n = 6

@amistre64 or @TuringTest am I right?

that's for part a) 1)

So for a) 1) I got $13.266 mln and a) 2) $21.1656. Can someone check this pls?

a) 1) 14.43 M

cinar how did u get that?
Amistre my formula was:
Qn = 2*(1-1.04^n)/(1-1.04)

I was using geometric series.

1993-4-5-6-7-1998
he has 2 M money at 1993 put into account for 5 years will get 2.43 profit

the geometric simplifies in the end to that A = P(1.04)^t i believe

but the question is saying that 2M is added to the account each year right?

I used this formula P(1.04)^t like amistre did

oh ok amistre, and yes it is being added each year.

and he will get 6*2 =12 M+2.43=14.43

but maybe you need to calculate each year separatly

now multiply everything by 1.04
1.04Qn = 2*(1.04)+...+2*(1.04)^n

he will get 2.08+2 M at 1994

Subtract 2nd from first:
Q(1-1.04)=2 - 2*(1.04)^n
Q = 2(1-1.04^n)/(1-1.04)

and then I just plugged in n = 6

4.2432+2 M at 1995

6.493+2M at 1996

at end of 1999 15.96M she has

well that's pretty much what i used amistre.

ughh i hate it when they assign even problems.

i know; but its nice to be able to remember how to come to that conclusion in a general sense :)

and the simplification I believe gets us:\[B_n=2m\frac{1-1.04^n}{1-1.04}\]

i meant n=6 and n=10

What about part two? what is present value? i've never heard of the term before.

present value is; what is the value of the contract at the present time i think

so it would just be 2mln?

in other words; how much is left to pay off?

ohh do the end minus 2 mln

*so the final value at n=10 minus 2mln, that has already been paid, i guess?

end value - piad value = whats left to pay off

awesome, thanks a lot!!!!!

ill have to google that up to be sure my idea is sound tho :)

uhmm i'm pretty sure u're right.

se will get 14 M from company from 1993 to 1999 ( 7 years * 2M=14 M)

she will get 16.05 M

for a) 1)

16,221,792 or so if we use that formula ...

we should be plugging in 6 and 10

who said that that formula is correct for this problem..

i did, and amistre confirmed, u're using the formula that got derived from our formula.

no I am not using your formula..
I am just using A=P(1-n/100)^t

it can't 13.2 M as I said she will already earn from company 14M

or maybe I misunderstand question..

in 6 yrs she will have earned 12 mln, 6*2 is twelve, that's without interest

Yr n: 2mln + 2*(1.04) + 2*(1.04)^2 + 2*(1.04)^3 + ... + 2*(1.04)^(n-1)

then use n=7

So: 1993 - yr1
1994 - yr2
1995 - 3
1996 - 4
1997 - 5
1998 - 6
1999 - 7
U're right!!!

OMGGGGGGGG!!! I'm about to rage quit math.... NOW EVERYTHING MAKES SENSE!

1993 - yr1
1994 - yr2
1995 - 3
1996 - 4
1997 - 5
1998 - 6
1999 - 7
2000 - 8
2001 - 9
2002 - 10

I am happy for you solved it..

ty dumb lol where were u earlier?

away from the computer :)
haha

haha, i hate calling u dumb, i should start callin u cow lol