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ganeshie8 Group TitleBest ResponseYou've already chosen the best response.0
use the compound interest formula \(\large A = P(1+\frac{r}{n})^{nt}\) \(P\) = 200 \(r\) = 3% = 0.03 \(n\) = 12 (months) \(t\) = 10 (years)
 11 months ago

ganeshie8 Group TitleBest ResponseYou've already chosen the best response.0
plugin the values and see wat u get
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
\[A= 200 (1+ \frac{ 0.03 }{ 12 }) ^{(12\times ^{10)}}\]
 11 months ago

ganeshie8 Group TitleBest ResponseYou've already chosen the best response.0
yes ! give it to ur calculator
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
So I do \[(1+0.03\div12)\]first?
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
\[A= 200 (1 + 0.0025) ^{12\times10}\]
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
\[A= 200(1.0025)^{(120)}\] I am unsure which part to do first.
 11 months ago

ganeshie8 Group TitleBest ResponseYou've already chosen the best response.0
exponent first
 11 months ago

ganeshie8 Group TitleBest ResponseYou've already chosen the best response.0
\((1.0025)^{120}\)
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
269.87.. that seems like a small #
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
You should be using the formula that gives you the future value of a stream of regular payments. see http://www.annuityformulas.org/futurevalueofregularpayments.html
 11 months ago

ganeshie8 Group TitleBest ResponseYou've already chosen the best response.0
thats all you wud get at 3% interest rate for 10 years this is not an annuity setup @phi
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
For Zach, the equation is \[ FV= pymt \cdot \frac{ (1+i)^n  1}{i} \] where n is 10 years, pymt is 2400 and i is 0.03
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
Yolanda 296.87?
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
no, Yolanda is depositing 200 per month, or 200*12= 2400 per year for 10 years = 24,000 that is if there was no interest. But there is 3% interest, so it will be bigger than that
 11 months ago

ganeshie8 Group TitleBest ResponseYou've already chosen the best response.0
yes @phi thanks for catching that, weird 260 is small i dint even notice... i need to go run an errand, cya
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
@phi so what is the equation set up now im officially confused could u write it step by step for me?
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
I wrote out Zach's can you do that one first ?
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
I got 82,400
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
can you show your steps?
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
Fv= 2400 x (1+0.03)/0.03
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
that is not the formula. Look more carefully
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
fv=2400 x (1+0.03)^(10)1/0.03?
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
yes but use parens fv=2400 x ( (1+0.03)^(10)1 ) /0.03?
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
ball park, but not exactly what do you get for 1.03^10 ?
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
then subtract 1
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
1.343916379
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
yes, now subtract 1 to get .343916379
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
then 0.343916379
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
now divide by 0.03
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
27,513.31
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
yes, that looks good.
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
So thats Zachs. now i have to find balance in Yolanda savings plan after 10 years
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
For Yolanda you use the same formula (they don't say if she deposits the $200 at the end of each month.. but let's assume she does) however, n is in months (so 10*12= 120) and the interest is per month so 0.03/12
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
Wait so n= number of years?
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
n is the number of payments
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
FV= pymt \[\times (1+i)^n1\]\[\div i\]
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
it doesnt say the number of payments
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
it says every month for 10 years how many months in a year ?
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
how do i figure out pymt is i= 0.03?
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
you want i per month. they give you the i for the whole year
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
Argh i hate this 2.5 x 10 ^ 03 how do i do that?
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
you want (1+i)^120 where i= 0.03/12 so do it in steps: 0.03/12 add 1 raise to the 120 power
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
yeah im totally confused
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
you are doing \[ FV= pymt \cdot \frac{ (1+i)^n  1}{i} \] does your calculator have memory, so you can put 0.03/12 into memory ?
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
dont think so
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
type parens ( then 1 + 0.03/12 then close ) then ^ then 120
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
0.03 ÷ 12?
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
2.5 x 10 ^ 03 how do i do that?
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
just type into your calculator 0.03 ÷ 12 + 1 enter
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
you will get a number now type ^ 120
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
1.349353547
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
then type  1 (to subtract 1)
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
wait 1.0025+1= 2.0025
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
you are doing 1.0025^120  1
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
1.0025^120  1 you get 1.349353547 1 and .349353547 now divide by (0.03/12) (or 0.0025)
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
but what about the 0.349353547+1?
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
you are doing 1.0025^120  1 which gives you 0.349353547 at this point, you do not add +1. the formula says divide by i i is 0.0025 (the same as 0.03/12)
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
it just FV= pymt (1.0025)^120 1
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
you need parens and you need to divide by i \[ FV= pymt \cdot \frac{ (1+i)^n  1}{i} \]
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
whats the pymt?
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
the payment is how much Yolanda is saving each month (how much she is paying into her bank account)
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
that doesnt seem right
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
because it is not correct. you must use the correct formula
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
yes \[ FV= pymt \cdot \frac{ (1+i)^n  1}{i}\]
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
200 (1+0.03/12)^1201
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
you forgot the divide by i
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
1+0.03/12?
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
I am saying that this is not correct 200 (1+0.03/12)^1201 the correct formula is 200 ( (1+0.03/12)^1201)/ (0.03/12)
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
oh i forgot to add divide by i
 11 months ago

phi Group TitleBest ResponseYou've already chosen the best response.1
you are not doing the calculation correctly type this into the google search window 200 * ( (1+0.03/12)^1201)/ (0.03/12)=
 11 months ago

nslesin Group TitleBest ResponseYou've already chosen the best response.2
and zach was what we did before which was 27,513.31
 11 months ago
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