Question

Lena Dimock is saving for her college expenses. She sets aside $200 at the beginning of each three months in an account paying 8% annual interest, compounded quarterly. How much will Lena have accumulated in the account at the end of four years?

Answer 1

So, this is compound interest?

Answer 2

yeah

Answer 3

I think all you have to do is plug and play (watch out for that quarterly; gunna have to do some special thing there)

Answer 4

I dont know which formula to use. I keep getting all kinds of different answers on my calculator

Answer 5

And maybe a little algebra rearrangement. You do know the compound interest formula?

Answer 6

That is a problem . No textbook or notes?

Answer 7

etext, totally confusing

Answer 8

From the top of my head, I think it was something like Po=r(i+1)^n. could be wrong. A textbook is a friend here.

Answer 9

I suggest using google for the compound interest formula. Or Wolfram Alpha or Khan's Academy.

Answer 10

thanks, ill try wolfram. I was looking at khans academy last night, but no help. Maybe I need some sleep

Answer 11

You do need sleep. Sleep helps the mind.

Answer 12

http://qrc.depaul.edu/StudyGuide2009/Notes/Savings%20Accounts/Compound%20Interest.htm

Use this site for example problem.

Answer 13

Sounds good to me.

Answer 14

Liking that site.

Answer 15

thanks a bunch guys

Answer 16

IF you have anymore questions, I guess Skylar and Ysjiang can be acquainted?

Answer 17

Hahaha, great.
No problem. :)

Answer 18

Yes. Also, because I value virtual shinies, if you think my answer was good, give me a medal please.

Answer 19

now it maes sense :)

Answer 20

how do i do that

Answer 21

this is my first time on here. I really just stumbled or fell on to this site, haha wasnt even looking. But i think this will be my new home