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nslesin
 2 years ago
Can someone assist me with this problem please.
nslesin
 2 years ago
Can someone assist me with this problem please.

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

ganeshie8
 2 years ago
Best ResponseYou've already chosen the best response.0plugin the values and see wat u get

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

ganeshie8
 2 years ago
Best ResponseYou've already chosen the best response.0yes ! give it to ur calculator

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

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

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

nslesin
 2 years ago
Best ResponseYou've already chosen the best response.2269.87.. that seems like a small #

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

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

phi
 2 years ago
Best ResponseYou've already chosen the best response.1For 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

phi
 2 years ago
Best ResponseYou've already chosen the best response.1no, 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

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

nslesin
 2 years ago
Best 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?

phi
 2 years ago
Best ResponseYou've already chosen the best response.1I wrote out Zach's can you do that one first ?

nslesin
 2 years ago
Best ResponseYou've already chosen the best response.2Fv= 2400 x (1+0.03)/0.03

phi
 2 years ago
Best ResponseYou've already chosen the best response.1that is not the formula. Look more carefully

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

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

phi
 2 years ago
Best ResponseYou've already chosen the best response.1ball park, but not exactly what do you get for 1.03^10 ?

phi
 2 years ago
Best ResponseYou've already chosen the best response.1yes, now subtract 1 to get .343916379

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

phi
 2 years ago
Best ResponseYou've already chosen the best response.1For 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

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

phi
 2 years ago
Best ResponseYou've already chosen the best response.1n is the number of payments

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

nslesin
 2 years ago
Best ResponseYou've already chosen the best response.2it doesnt say the number of payments

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

nslesin
 2 years ago
Best ResponseYou've already chosen the best response.2how do i figure out pymt is i= 0.03?

phi
 2 years ago
Best ResponseYou've already chosen the best response.1you want i per month. they give you the i for the whole year

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

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

nslesin
 2 years ago
Best ResponseYou've already chosen the best response.2yeah im totally confused

phi
 2 years ago
Best ResponseYou've already chosen the best response.1you 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 ?

phi
 2 years ago
Best ResponseYou've already chosen the best response.1type parens ( then 1 + 0.03/12 then close ) then ^ then 120

nslesin
 2 years ago
Best ResponseYou've already chosen the best response.22.5 x 10 ^ 03 how do i do that?

phi
 2 years ago
Best ResponseYou've already chosen the best response.1just type into your calculator 0.03 ÷ 12 + 1 enter

phi
 2 years ago
Best ResponseYou've already chosen the best response.1you will get a number now type ^ 120

phi
 2 years ago
Best ResponseYou've already chosen the best response.1then type  1 (to subtract 1)

phi
 2 years ago
Best ResponseYou've already chosen the best response.1you are doing 1.0025^120  1

phi
 2 years ago
Best ResponseYou've already chosen the best response.11.0025^120  1 you get 1.349353547 1 and .349353547 now divide by (0.03/12) (or 0.0025)

nslesin
 2 years ago
Best ResponseYou've already chosen the best response.2but what about the 0.349353547+1?

phi
 2 years ago
Best ResponseYou've already chosen the best response.1you 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)

nslesin
 2 years ago
Best ResponseYou've already chosen the best response.2it just FV= pymt (1.0025)^120 1

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

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

phi
 2 years ago
Best ResponseYou've already chosen the best response.1because it is not correct. you must use the correct formula

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

phi
 2 years ago
Best ResponseYou've already chosen the best response.1I 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)

nslesin
 2 years ago
Best ResponseYou've already chosen the best response.2oh i forgot to add divide by i

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

nslesin
 2 years ago
Best ResponseYou've already chosen the best response.2and zach was what we did before which was 27,513.31
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