anonymous
  • anonymous
someone help me? another medal and fan if we can work to find out the answer!
Mathematics
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
schrodinger
  • schrodinger
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
anonymous
  • anonymous
Calculate the amount of your compound interest investment after 10 years. Remember that you are starting with $7,500. (my interest rate is .84%)
anonymous
  • anonymous
@satellite73
Psymon
  • Psymon
How many compounds per year? Or is it continuously?

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

anonymous
  • anonymous
use the compound interest formula and plug in your numbers.
anonymous
  • anonymous
the frequency is daily
Psymon
  • Psymon
\[A = P(1+\frac{ r }{ n })^{nt} \] where P is starting amount, r is the rate as a decimal, n is the amount of compounds per year and t is time in years.
Psymon
  • Psymon
Okay, so that means n in our formula would be 365. So then we just plug in numbers: \[A = 7500(1+\frac{ .0084 }{ 365 })^{365*10} \] Assuming you meant .84% and not 84% xD
anonymous
  • anonymous
i bet n =12
Psymon
  • Psymon
Even though its daily?
anonymous
  • anonymous
then your daily interest is (0.84%)/365 = 0.84/(100*365) 7500*(1+0.84/(100*365))^(10*365)
anonymous
  • anonymous
Oh daily sorry i missed that. You are correct Simon
Psymon
  • Psymon
What zarax put and what I put are the same thing, btw @xoxo_devvie, he just had an extra division by 100 in the bottom and I moved the decimal place over 2 to the left without throwing in the extra divide by 100 in the bottom.
anonymous
  • anonymous
i am lost didn't we just do this exact problem?
anonymous
  • anonymous
i forgot to tell you my interest rate.
anonymous
  • anonymous
can you help me work on the rest of the problem @Psymon ?
anonymous
  • anonymous
@zarax can you hee igure out the rest of the problem?
anonymous
  • anonymous
@zepdrix
zepdrix
  • zepdrix
oh hi there c:
anonymous
  • anonymous
hi! ahahah
zepdrix
  • zepdrix
\[\Large A=P(1+\frac{r}{n})^{nt}\] And we have:\[\Large r=.84\text{%} \qquad\to\qquad r=.0084\]\[\Large t=10\]\[\Large n=365\]\[\Large P=7500\]
zepdrix
  • zepdrix
Just plug em in!! :O
anonymous
  • anonymous
ok hold on dont go anywhere! ahah
anonymous
  • anonymous
my calculter says error
zepdrix
  • zepdrix
You silly billy -_-
anonymous
  • anonymous
ahhh! ahah i dont know what im doing wrong:(
zepdrix
  • zepdrix
If you're trying to put it all into your calculator at the same time, try doing it like this:\[\Large 7500((1+(.0084/365))\text{^}(365*10)\]
zepdrix
  • zepdrix
I find it really difficult to do it all at once, since you need so many brackets. I prefer to do it piece by piece. But that requires a little bit of finesse :)
anonymous
  • anonymous
ok hold on haha!
anonymous
  • anonymous
uuuuughhh! im getting so mad! i got 27375630
zepdrix
  • zepdrix
Did you try entering it the way I posted? D: You should get something a lot nicer than that. What kind of calculator are you using?
anonymous
  • anonymous
just a basic calculater and yes i did!:(
zepdrix
  • zepdrix
Do you have a key called \(\large Ans\) anywhere on it?
anonymous
  • anonymous
nooooo
zepdrix
  • zepdrix
Ok then I guess the way we would have to do this is by calculating it piece by piece and rounding between each step :)
zepdrix
  • zepdrix
Start with this :)\[\Large .0084\div 365=?\]
anonymous
  • anonymous
2,301?
zepdrix
  • zepdrix
whut? +_+
zepdrix
  • zepdrix
You should get \(\Large 0.000023014\), yes?
anonymous
  • anonymous
whattt? let me try again
anonymous
  • anonymous
nope i didnt get that
anonymous
  • anonymous
2.301369 is what i got
zepdrix
  • zepdrix
Oh lol. Did you get 2.301369 and then on the far right it has something about an E?
zepdrix
  • zepdrix
Something like this maybe? :o\[\large 2.301369 \qquad -5\text{E}\]
anonymous
  • anonymous
yes!
zepdrix
  • zepdrix
That sucks :( your calculator is putting it into `scientific notation` for you. That's going to make this a little more difficult. Maybe use Google Calculator or something for now.
zepdrix
  • zepdrix
https://www.google.com/#q=.0084%2F365
anonymous
  • anonymous
ok so what do i need to do?
zepdrix
  • zepdrix
Let's just type the calculations into google search :) .0084/365 like that.
zepdrix
  • zepdrix
So we get this long decimal. \(\Large 0.00002301369\) Let's cut it off at some convenient point so it's easier to use.\[\Large 0.000023\]
anonymous
  • anonymous
ok now thats what i got also!
zepdrix
  • zepdrix
Ok good c: So we started with this, \[\Large A=7500(1+\frac{.0084}{365})^{365*10}\]And making our first calculation gives us this,\[\Large A=7500(1+0.000023)^{365*10}\]
zepdrix
  • zepdrix
Let's work from the inside out, following our order of operations. So let's add the 1 and the long decimal next.
zepdrix
  • zepdrix
1+0.000023 = ?
anonymous
  • anonymous
1.000023 ?
zepdrix
  • zepdrix
Ok good!\[\Large A=7500(1.000023)^{365*10}\] Next let's simplify the exponent by doing the multiplication.\[\Large 365*10=?\]
anonymous
  • anonymous
3650?
zepdrix
  • zepdrix
K cool :)\[\Large A=7500(1.000023)^{3650}\] See how it's getting a little bit simpler as we do each calculation? This problem would be A LOT easier if you had a decent calculator ^^ lol
anonymous
  • anonymous
oh gosh i know right but thank you for helping me so far!
zepdrix
  • zepdrix
For the next calculation we'll use the caret symbol for the exponent operation. 1.000023^3650
anonymous
  • anonymous
wheres that sign at?
zepdrix
  • zepdrix
Shift 6
anonymous
  • anonymous
1.08757346377 ?
zepdrix
  • zepdrix
Ok that sounds right.\[\Large 1.08757346377\] Let's cut off some of the numbers so it's easier to work with. (We'll lose a little bit of accuracy by doing this, but whatever.)\[\Large 1.08757\]
zepdrix
  • zepdrix
So now our problem becomes,\[\Large A=7500*1.08757\]Right?
anonymous
  • anonymous
right!!!
zepdrix
  • zepdrix
So what do you get when you do the final multiplication? :o
anonymous
  • anonymous
8156.775 ?
zepdrix
  • zepdrix
If we had punched all the numbers in at the same time we would have gotten,\[\Large A=8157.2088\] See how our answer is off by a tiny bit? It's not a big deal. But that's just something to keep in mind. When we do rounding in the middle of the problem, it will affect our final answer a little bit.
anonymous
  • anonymous
thats ok! well what would i have gotten?
zepdrix
  • zepdrix
what? +_+
anonymous
  • anonymous
for the actual answer?
zepdrix
  • zepdrix
The answer you came up with is fine c: It's close enough to be correct. You could round it up to 8157 if you wanted to.
zepdrix
  • zepdrix
Spend 10 bucks, get a decent calculator!! D: It'll make these problems a lot easier :c
zepdrix
  • zepdrix
Unless you're not allowed to use calculators on tests..
anonymous
  • anonymous
its not a test lol its a question on my homework :p would you mind helping me with 2 more problems?:) ill ask it in a whole different question so i can give you medals for those too. you have no idea how happy i am! thank you thank you thank you!
zepdrix
  • zepdrix
Ya I'll try to stop by :d
anonymous
  • anonymous
ok! yay!

Looking for something else?

Not the answer you are looking for? Search for more explanations.