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sara1234
Group Title
Tired doing several times and keep getting weird answer?
 one year ago
 one year ago
sara1234 Group Title
Tired doing several times and keep getting weird answer?
 one year ago
 one year ago

This Question is Closed

sara1234 Group TitleBest ResponseYou've already chosen the best response.1
can any one show me steps how to do this so i can see where i went wrong i keep getting 0.6918
 one year ago

yummydum Group TitleBest ResponseYou've already chosen the best response.2
2835.48= 2310.72(1+r/2)^10 1.2271 = (1+r/2)^10 1.02067 = 1+ r/2 .02067 = r/2 r = 0.04135 => 4.1%
 one year ago

yummydum Group TitleBest ResponseYou've already chosen the best response.2
@jim_thompson5910
 one year ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.0
Roberta deposited $4,790.23 into a savings account with an interest rate of 3.8% compounded twice a year. About how long will it take for the account to be worth $9,000? A = P(1+r/n)^(nt) 9000 = 4790.23(1+0.038/2)^(2t) solve for t
 one year ago

sara1234 Group TitleBest ResponseYou've already chosen the best response.1
but i don't understand the logitude part? the in idk how to do it
 one year ago

sara1234 Group TitleBest ResponseYou've already chosen the best response.1
i'll do what i can and stop where i don't undersstand okay hold on
 one year ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.0
alright
 one year ago

sara1234 Group TitleBest ResponseYou've already chosen the best response.1
9000 = 4790.23(1+0.038/2)^(2t) 9000=4790.23(1+0.038/2)^2t   1.8788=1.019^2t 1.8788=1.0383t t=1.8094??
 one year ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.0
no it's much more than 1.8 years
 one year ago

sara1234 Group TitleBest ResponseYou've already chosen the best response.1
i know next i have to do a proportion that idk how to do
 one year ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.0
A=P(1+r/n)^(n*t) 9000=4790.23(1+0.038/2)^(2*t) 9000=4790.23(1+0.019)^(2*t) 9000=4790.23(1.019)^(2*t) 9000/4790.23 = (1.019)^(2*t) (1.019)^(2*t) = 9000/4790.23 (1.019)^(2*t) = 1.87882 log( (1.019)^(2*t) ) = log( 1.87882 ) 2t*log( 1.019 ) = log( 1.87882 ) 2t = log( 1.87882 )/log( 1.019 ) 2t = 33.506118 t = 33.506118/2 t = 16.753059 t = 16.75 t = 16+0.75 years t = 16 years + 0.75 years t = 16 years + 0.75*12 months t = 16 years + 9 months t = 16 years, 9 months
 one year ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.0
The key to solving for t, which is in the exponent, is to use logs to isolate it
 one year ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.0
A=P(1+r/n)^(n*t) A=7775(1+0.045/n)^(n*14) Now plug in n = 365. If you get 14,398.87 for A, or close enough to it, then the answer is "daily". If not, then move onto n = 12, n = 4, and n = 1 until you find your answer.
 one year ago

sara1234 Group TitleBest ResponseYou've already chosen the best response.1
for 365 i got 12960.26204
 one year ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.0
you should have gotten A = 14597.86 when n = 365
 one year ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.0
try it again I recommend using a graphing calculator and using the table if you can
 one year ago

sara1234 Group TitleBest ResponseYou've already chosen the best response.1
ohh i got it its 14597.85537
 one year ago

sara1234 Group TitleBest ResponseYou've already chosen the best response.1
so its daily
 one year ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.0
yep, it's daily
 one year ago

sara1234 Group TitleBest ResponseYou've already chosen the best response.1
oh i get it 365=daily 12=monthly 1yearly quartly=4 right?
 one year ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.0
yep n = 365 means you compound 365 days a year (assuming not a leap year)
 one year ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.0
ie you compound 365 times a year
 one year ago

jim_thompson5910 Group TitleBest ResponseYou've already chosen the best response.0
n = 4 means you compound 4 times a year, etc etc
 one year ago

sara1234 Group TitleBest ResponseYou've already chosen the best response.1
it wasn't daily check what went wrong
 one year ago
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