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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)
 one year ago

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

nslesin Group TitleBest ResponseYou've already chosen the best response.2
1.343916379
 one year ago

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

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

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

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

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

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

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

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

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

nslesin Group TitleBest ResponseYou've already chosen the best response.2
yeah im totally confused
 one year 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 ?
 one year ago

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

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

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

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

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

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

nslesin Group TitleBest ResponseYou've already chosen the best response.2
1.349353547
 one year ago

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

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

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

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

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

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

nslesin Group TitleBest ResponseYou've already chosen the best response.2
whats the pymt?
 one year 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)
 one year ago

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

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

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

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

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

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

nslesin Group TitleBest ResponseYou've already chosen the best response.2
oh i forgot to add divide by i
 one year 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)=
 one year ago

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