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mariomintchev
 2 years ago
I really need help solving this...
mariomintchev
 2 years ago
I really need help solving this...

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mariomintchev
 2 years ago
Best ResponseYou've already chosen the best response.0annuity formula: A=R*( (1+i)^n  1 ) / (i)

mariomintchev
 2 years ago
Best ResponseYou've already chosen the best response.0compound formula: A=P(1+ r/n)^nt

glamsunnyskylar
 2 years ago
Best ResponseYou've already chosen the best response.0Sorry, it won't load for me, or else I really would help you.

mariomintchev
 2 years ago
Best ResponseYou've already chosen the best response.0A company contributes $150 per month into a retirement fund paying a nominal interest rate of 4.40% APR compounded monthly and employees are permitted to invest up to $ 2,900 per year into another retirement fund which pays a nominal interest rate of 4.40% APR compounded annually. How large can the combined retirement fund be worth in 25 years?

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.1we can do this if you have the formulas

mariomintchev
 2 years ago
Best ResponseYou've already chosen the best response.0i do but im not getting the results.

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.1i guess this is the formula you wrote A=R*( (1+i)^n  1 ) / (i) but i am not sure what all the variable represent

mariomintchev
 2 years ago
Best ResponseYou've already chosen the best response.0ok A stands for Annuity, R is the payment, i is the APR/frequency of pay, and n is the frequency of pay

mariomintchev
 2 years ago
Best ResponseYou've already chosen the best response.0so for example "i" would be .044/12

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.1then \[\frac{150(1+\frac{.044}{12})^{121}}{\frac{.044}{12}}\] but that can't be right, because there is no time mentioned in the formula is perhaps \(n\) the number of payments?

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.1that would make more sense it can't really be the frequency of the payments minus one there has to be something mentioning the number of payments made

mariomintchev
 2 years ago
Best ResponseYou've already chosen the best response.0n is 12 *25 i think

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.1ooh ok it is the number of payments

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.1\[\frac{150(1+\frac{.044}{12})^{12\times 251}}{\frac{.044}{12}}\]

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.1that is what you wrote

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.1you wrote \(n1\) i assumed that was in the exponent

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.1makes sense if you are summing a geometric sequence i think

mariomintchev
 2 years ago
Best ResponseYou've already chosen the best response.0its not n1. its raised to n and then you subtract everything in the parenthesis by 1.

mariomintchev
 2 years ago
Best ResponseYou've already chosen the best response.0A = R ( ( 1+i)^(n)  1 ) / (i)

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.1\[\frac{150((1+\frac{.044}{12})^{300}1)}{\frac{.044}{12}}\]

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.1i get 81741.62 rounded http://www.wolframalpha.com/input/?i=\frac{150%28%281%2B\frac{.044}{12}%29^{300}1%29}{\frac{.044}{12}}

mariomintchev
 2 years ago
Best ResponseYou've already chosen the best response.0yeah thats what i got earlier too

mariomintchev
 2 years ago
Best ResponseYou've already chosen the best response.0what do we do with the 2900?

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.1\[2900((1.044)^{25}1)\]

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.1since it is yearly, \(i=1\)

mariomintchev
 2 years ago
Best ResponseYou've already chosen the best response.0why dont we divide or multiply by 12 anywhere?

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.1not if it is yearly, no that is for monthly

mariomintchev
 2 years ago
Best ResponseYou've already chosen the best response.0o i think thats probably what ive been doing wrong

satellite73
 2 years ago
Best ResponseYou've already chosen the best response.12900 per year compounded annually it says
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