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nslesin Group Title

Can someone assist me with this problem please.

  • 11 months ago
  • 11 months ago

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  1. nslesin Group Title
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    • 11 months ago
  2. ganeshie8 Group Title
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    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
  3. ganeshie8 Group Title
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    plugin the values and see wat u get

    • 11 months ago
  4. nslesin Group Title
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    \[A= 200 (1+ \frac{ 0.03 }{ 12 }) ^{(12\times ^{10)}}\]

    • 11 months ago
  5. ganeshie8 Group Title
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    yes ! give it to ur calculator

    • 11 months ago
  6. nslesin Group Title
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    So I do \[(1+0.03\div12)\]first?

    • 11 months ago
  7. ganeshie8 Group Title
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    yes

    • 11 months ago
  8. nslesin Group Title
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    \[A= 200 (1 + 0.0025) ^{12\times10}\]

    • 11 months ago
  9. ganeshie8 Group Title
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    yes

    • 11 months ago
  10. nslesin Group Title
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    \[A= 200(1.0025)^{(120)}\] I am unsure which part to do first.

    • 11 months ago
  11. ganeshie8 Group Title
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    exponent first

    • 11 months ago
  12. ganeshie8 Group Title
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    \((1.0025)^{120}\)

    • 11 months ago
  13. nslesin Group Title
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    269.87.. that seems like a small #

    • 11 months ago
  14. phi Group Title
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    You should be using the formula that gives you the future value of a stream of regular payments. see http://www.annuityformulas.org/future-value-of-regular-payments.html

    • 11 months ago
  15. ganeshie8 Group Title
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    thats all you wud get at 3% interest rate for 10 years this is not an annuity setup @phi

    • 11 months ago
  16. phi Group Title
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    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
  17. nslesin Group Title
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    Yolanda 296.87?

    • 11 months ago
  18. phi Group Title
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    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
  19. ganeshie8 Group Title
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    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
  20. nslesin Group Title
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    @phi so what is the equation set up now im officially confused could u write it step by step for me?

    • 11 months ago
  21. phi Group Title
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    I wrote out Zach's can you do that one first ?

    • 11 months ago
  22. nslesin Group Title
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    I got 82,400

    • 11 months ago
  23. phi Group Title
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    can you show your steps?

    • 11 months ago
  24. nslesin Group Title
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    Fv= 2400 x (1+0.03)/0.03

    • 11 months ago
  25. phi Group Title
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    that is not the formula. Look more carefully

    • 11 months ago
  26. nslesin Group Title
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    fv=2400 x (1+0.03)^(10)-1/0.03?

    • 11 months ago
  27. phi Group Title
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    yes but use parens fv=2400 x ( (1+0.03)^(10)-1 ) /0.03?

    • 11 months ago
  28. nslesin Group Title
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    27200?

    • 11 months ago
  29. phi Group Title
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    ball park, but not exactly what do you get for 1.03^10 ?

    • 11 months ago
  30. phi Group Title
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    then subtract 1

    • 11 months ago
  31. nslesin Group Title
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    1.343916379

    • 11 months ago
  32. phi Group Title
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    yes, now subtract 1 to get .343916379

    • 11 months ago
  33. nslesin Group Title
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    then 0.343916379

    • 11 months ago
  34. phi Group Title
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    now divide by 0.03

    • 11 months ago
  35. nslesin Group Title
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    27,513.31

    • 11 months ago
  36. phi Group Title
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    yes, that looks good.

    • 11 months ago
  37. nslesin Group Title
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    So thats Zachs. now i have to find balance in Yolanda savings plan after 10 years

    • 11 months ago
  38. phi Group Title
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    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
  39. nslesin Group Title
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    Wait so n= number of years?

    • 11 months ago
  40. phi Group Title
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    n is the number of payments

    • 11 months ago
  41. nslesin Group Title
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    FV= pymt \[\times (1+i)^n-1\]\[\div i\]

    • 11 months ago
  42. phi Group Title
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    yes

    • 11 months ago
  43. nslesin Group Title
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    it doesnt say the number of payments

    • 11 months ago
  44. phi Group Title
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    it says every month for 10 years how many months in a year ?

    • 11 months ago
  45. nslesin Group Title
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    n=120

    • 11 months ago
  46. phi Group Title
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    yes

    • 11 months ago
  47. nslesin Group Title
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    how do i figure out pymt is i= 0.03?

    • 11 months ago
  48. phi Group Title
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    you want i per month. they give you the i for the whole year

    • 11 months ago
  49. nslesin Group Title
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    0.03/12?

    • 11 months ago
  50. phi Group Title
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    yes

    • 11 months ago
  51. nslesin Group Title
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    Argh i hate this 2.5 x 10 ^ -03 how do i do that?

    • 11 months ago
  52. phi Group Title
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    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
  53. nslesin Group Title
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    yeah im totally confused

    • 11 months ago
  54. phi Group Title
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    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
  55. nslesin Group Title
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    dont think so

    • 11 months ago
  56. phi Group Title
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    type parens ( then 1 + 0.03/12 then close ) then ^ then 120

    • 11 months ago
  57. nslesin Group Title
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    0.03 ÷ 12?

    • 11 months ago
  58. phi Group Title
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    yes

    • 11 months ago
  59. nslesin Group Title
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    2.5 x 10 ^ -03 how do i do that?

    • 11 months ago
  60. phi Group Title
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    add 1

    • 11 months ago
  61. nslesin Group Title
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    i= 5

    • 11 months ago
  62. phi Group Title
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    just type into your calculator 0.03 ÷ 12 + 1 enter

    • 11 months ago
  63. phi Group Title
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    you will get a number now type ^ 120

    • 11 months ago
  64. nslesin Group Title
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    1.349353547

    • 11 months ago
  65. phi Group Title
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    then type - 1 (to subtract 1)

    • 11 months ago
  66. nslesin Group Title
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    wait 1.0025+1= 2.0025

    • 11 months ago
  67. phi Group Title
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    you are doing 1.0025^120 - 1

    • 11 months ago
  68. phi Group Title
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    1.0025^120 - 1 you get 1.349353547 -1 and .349353547 now divide by (0.03/12) (or 0.0025)

    • 11 months ago
  69. nslesin Group Title
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    but what about the 0.349353547+1?

    • 11 months ago
  70. phi Group Title
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    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
  71. nslesin Group Title
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    it just FV= pymt (1.0025)^120 -1

    • 11 months ago
  72. phi Group Title
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    you need parens and you need to divide by i \[ FV= pymt \cdot \frac{ (1+i)^n - 1}{i} \]

    • 11 months ago
  73. nslesin Group Title
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    whats the pymt?

    • 11 months ago
  74. phi Group Title
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    the payment is how much Yolanda is saving each month (how much she is paying into her bank account)

    • 11 months ago
  75. nslesin Group Title
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    200

    • 11 months ago
  76. phi Group Title
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    yes

    • 11 months ago
  77. nslesin Group Title
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    268.87

    • 11 months ago
  78. nslesin Group Title
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    that doesnt seem right

    • 11 months ago
  79. phi Group Title
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    because it is not correct. you must use the correct formula

    • 11 months ago
  80. nslesin Group Title
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    The FV?

    • 11 months ago
  81. phi Group Title
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    yes \[ FV= pymt \cdot \frac{ (1+i)^n - 1}{i}\]

    • 11 months ago
  82. nslesin Group Title
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    200 (1+0.03/12)^120-1

    • 11 months ago
  83. phi Group Title
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    you forgot the divide by i

    • 11 months ago
  84. nslesin Group Title
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    1+0.03/12?

    • 11 months ago
  85. phi Group Title
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    I am saying that this is not correct 200 (1+0.03/12)^120-1 the correct formula is 200 ( (1+0.03/12)^120-1)/ (0.03/12)

    • 11 months ago
  86. nslesin Group Title
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    oh i forgot to add divide by i

    • 11 months ago
  87. nslesin Group Title
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    748.86

    • 11 months ago
  88. phi Group Title
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    you are not doing the calculation correctly type this into the google search window 200 * ( (1+0.03/12)^120-1)/ (0.03/12)=

    • 11 months ago
  89. nslesin Group Title
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    27948.28

    • 11 months ago
  90. phi Group Title
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    yes

    • 11 months ago
  91. nslesin Group Title
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    and zach was what we did before which was 27,513.31

    • 11 months ago
  92. nslesin Group Title
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    • 11 months ago
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