Question

Use the formula for future value, A = P(1 + rt), to find the missing quantity.

P = $1,800; r = 3%; t = 5 years

Answer 1

What's the missing quantity here?

Answer 2

I got 1,565.21. Because I was missing A. Is that correct? I keep doing these problems wrong. I check them on here.

Answer 3

Shouldn't it be A=P(1+r)^t?

Answer 4

I don't know? The question had the formula I am supposed to use.

Answer 5

Is my answer correct?

Answer 6

Well if this is the formula, then \(A=1800(1+0.03\times 5)=$2070.\)

Answer 7

Thank you, again! Your help is much appreciated!

Answer 8

you're very welcome! :D

Answer 9

I am not sure what I did that I got completely the wrong answer? Can you please show me your steps again? I am having the worst time with these problems. Do you mind?

Answer 10

I don't mind, but actually there are no steps if you are allowed to use a calculator other than substituting into the given formula and then computing the value using the calculator. You need to be careful about the brackets though.

Answer 11

Because I also have this problem and I think I got this wrong, too.

The principal P is borrowed at simple interest rate r for a period of time t. Find the loan's future value, A, or the total amount due at time t.

P = $2,000, r = 6%, t = 3 years

(I got 2,360.)

Answer 12

CORRECT!! :D

Answer 13

REALLY?! Oh man. THANK YOU! You definitely are helping me!

Answer 14

But I still don't know why they are using this formula, I don't want to confuse you anyway :D Best of Luck!

Answer 15

Thank you! Chances are I will be putting on some more questions, so I'm becoming a fan. I hope you come back and help me!

Answer 16

I will. Put them in separate posts!

Answer 17

Thank you!