Quantcast

Got Homework?

Connect with other students for help. It's a free community.

  • across
    MIT Grad Student
    Online now
  • laura*
    Helped 1,000 students
    Online now
  • Hero
    College Math Guru
    Online now

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

LovePink Group Title

---> Every month, Tristan deposits $488 into an interest-bearing account to save for a down payment on a house. The interest rate on the account is 5.27% compounding annually. What is the present value of the investment if Tristan purchases a house in 15 years?

  • 2 years ago
  • 2 years ago

  • This Question is Closed
  1. gandalfwiz Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    There's a formula that can help with this: P=C(1+r)^t P=future price C=current price r= interest rate t=time

    • 2 years ago
  2. gandalfwiz Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    This will give you the interest after 15 years-- is that what is means by value of investment?

    • 2 years ago
  3. LovePink Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    okay i got $59,689.00

    • 2 years ago
  4. LovePink Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    yes

    • 2 years ago
  5. gandalfwiz Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    Let me work it out...

    • 2 years ago
  6. LovePink Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    k

    • 2 years ago
  7. gandalfwiz Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    I got 1054.08... when you multiplied by the rate, did you do 5.27 or .0527 ?

    • 2 years ago
  8. LovePink Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    0.0527

    • 2 years ago
    • Attachments:

See more questions >>>

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.