someone help me? another medal and fan if we can work to find out the answer!

- anonymous

someone help me? another medal and fan if we can work to find out the answer!

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- schrodinger

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- 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

@satellite73

- Psymon

How many compounds per year? Or is it continuously?

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## More answers

- anonymous

use the compound interest formula and plug in your numbers.

- anonymous

the frequency is daily

- 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

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

i bet n =12

- Psymon

Even though its daily?

- anonymous

then your daily interest is (0.84%)/365 = 0.84/(100*365)
7500*(1+0.84/(100*365))^(10*365)

- anonymous

Oh daily sorry i missed that. You are correct Simon

- 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

i am lost
didn't we just do this exact problem?

- anonymous

i forgot to tell you my interest rate.

- anonymous

can you help me work on the rest of the problem @Psymon ?

- anonymous

@zarax can you hee igure out the rest of the problem?

- anonymous

@zepdrix

- zepdrix

oh hi there c:

- anonymous

hi! ahahah

- 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

Just plug em in!! :O

- anonymous

ok hold on dont go anywhere! ahah

- anonymous

my calculter says error

- zepdrix

You silly billy -_-

- anonymous

ahhh! ahah i dont know what im doing wrong:(

- 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

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

ok hold on haha!

- anonymous

uuuuughhh! im getting so mad! i got 27375630

- 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

just a basic calculater and yes i did!:(

- zepdrix

Do you have a key called \(\large Ans\) anywhere on it?

- anonymous

nooooo

- 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

Start with this :)\[\Large .0084\div 365=?\]

- anonymous

2,301?

- zepdrix

whut? +_+

- zepdrix

You should get \(\Large 0.000023014\), yes?

- anonymous

whattt? let me try again

- anonymous

nope i didnt get that

- anonymous

2.301369 is what i got

- zepdrix

Oh lol.
Did you get 2.301369 and then on the far right it has something about an E?

- zepdrix

Something like this maybe? :o\[\large 2.301369 \qquad -5\text{E}\]

- anonymous

yes!

- 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

https://www.google.com/#q=.0084%2F365

- anonymous

ok so what do i need to do?

- zepdrix

Let's just type the calculations into google search :)
.0084/365
like that.

- 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

ok now thats what i got also!

- 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

Let's work from the inside out, following our order of operations.
So let's add the 1 and the long decimal next.

- zepdrix

1+0.000023 = ?

- anonymous

1.000023 ?

- zepdrix

Ok good!\[\Large A=7500(1.000023)^{365*10}\]
Next let's simplify the exponent by doing the multiplication.\[\Large 365*10=?\]

- anonymous

3650?

- 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

oh gosh i know right but thank you for helping me so far!

- zepdrix

For the next calculation we'll use the caret symbol for the exponent operation.
1.000023^3650

- anonymous

wheres that sign at?

- zepdrix

Shift 6

- anonymous

1.08757346377
?

- 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

So now our problem becomes,\[\Large A=7500*1.08757\]Right?

- anonymous

right!!!

- zepdrix

So what do you get when you do the final multiplication? :o

- anonymous

8156.775
?

- 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

thats ok! well what would i have gotten?

- zepdrix

what? +_+

- anonymous

for the actual answer?

- 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

Spend 10 bucks, get a decent calculator!! D:
It'll make these problems a lot easier :c

- zepdrix

Unless you're not allowed to use calculators on tests..

- 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

Ya I'll try to stop by :d

- anonymous

ok! yay!

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