anonymous
  • anonymous
a 6,000.00 principal earns 8% interest compounded annually. after 35 years what is the balance in the account
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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jamiebookeater
  • jamiebookeater
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Luigi0210
  • Luigi0210
Do you know the formula?
anonymous
  • anonymous
no but this is what i tryed. 6,000.00 times 35 and u get 210000 then i divided that by 8% and i got 16800
anonymous
  • anonymous
but thats not right

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tkhunny
  • tkhunny
Simple interest! That is not what the question asks.
anonymous
  • anonymous
what do u mean
tkhunny
  • tkhunny
You seem to be saying that you do NOT know any formula for Compound Interest, as you have just attempted a Simple Interest formula to solve this problem.
anonymous
  • anonymous
i guess so
anonymous
  • anonymous
can you just tell me how to get the answer and ill be on my way
tkhunny
  • tkhunny
I'm never in a rush. Over a period of one year, Simple and Compound are exactly thee same. Simple: 6000*(1 + 0.08) = 6480 Compound: 6000*(1 + 0.08) = 6480 Anything else comes out differently. Two years: Simple: 6000 + 480*2 = 6000 + 960 = 6960 Compound: 6000(1.08)^2 = 6000*1.1664 = 6998.4 Ten years: Simple: 6000 + 480*10 = 6000 + 4800 = 10800.00 Compound: 6000(1.08)^10 = 6000*2.158925 = 12953.55 Can you do 35 years?
anonymous
  • anonymous
where did you get 2.15892
tkhunny
  • tkhunny
\(1.08^{10} = 2.158925\)
anonymous
  • anonymous
ok so 6000(1.08)^35 = 6000 * 14.78534 = 8871204000
anonymous
  • anonymous
am i right??
tkhunny
  • tkhunny
You're missing a decimal place in there, somewhere.
anonymous
  • anonymous
ive got another one for u??
tkhunny
  • tkhunny
Two minutes.
anonymous
  • anonymous
ok
anonymous
  • anonymous
a 4,000.00 principal earns 5% interest compounded annually. after 4 years what is the balance in the account
anonymous
  • anonymous
i tried the same thing as we didi up there but the answer i got isnt an answer choice
tkhunny
  • tkhunny
That is the exact same problem. Change the numbers and do it! Hurry up. One more minute.
anonymous
  • anonymous
i tried
anonymous
  • anonymous
but the answer choice isnt on there
tkhunny
  • tkhunny
What did you get? "I tried" doesn't tell me anything.
anonymous
  • anonymous
5283900
tkhunny
  • tkhunny
You DO have to start using decimal points properly. The answer absolutely is NOT 5283900. What interest rate did you use? What number of years did you use? 4000 (1.05^4) = ??
anonymous
  • anonymous
i diid this 1.05^4 and got 4.2 then multipled that by 4000
anonymous
  • anonymous
16800
anonymous
  • anonymous
but thats not an answer choice
tkhunny
  • tkhunny
Did you try $4,679.43 My guess is that you need to get far more acquainted with your calculator and your formula.

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