Question

I need some assistance with this question below. I have went through the practice one that walks me through it but still am missing something.

Answer 1

\[A=p(1+\frac{ r }{ n })^{nt}\]
p= 200, r= 0.07, n= 1, t= 3
(round to nearest hundredth)

--Compound Interest Formula

Answer 2

\[A=200(1+\frac{0.07}{1})^{1*3}=200(1.07)^3\]

Answer 3

Yes and they you distribute the 200 into the parentheses. which you have done but still was coming up with the wrong answer.

Answer 4

No. Keep the 200 outside of the parenthesis until after you have cubed 1.07

Answer 5

So you would not distribute to get rid of the parenthesis to get rid of them? That does not make sense.

Answer 6

Exponents come before multiplication in order of operations.\[200(1.07)^3=200(1.07^3)=200*1.225\]

Answer 7

So wouldn't you have to take your 1 to the exponent before you got to the 0.07/1?

Answer 8

No. Order of operations is Parentheses, Exponents, Multiplication/Division, Addition/Subtraction. First you simplify the inside of the parentheses, Second you reconcile exponents, third you multiply by 200.

Answer 9

Okay so then it would have to come out as A=200(1.07)^3 then I would do 1.07^3=1.225 then multiply 200(1.225) = 245. Correct?

Answer 10

Which that is what I had tried but it did not come out as correct.

Answer 11

Looks right.

Answer 12

It did not come out though... I put in the answer I came out with but it said it was incorrect.

Answer 13

If you put $200 in an account earning 7% effective interest per year, after three years you would have $245.

Answer 14

Right but it seem as though it is missing something because it looks like it has to be coming out as a decimal according to the instructions to round to the nearest hundredth place.

Answer 15

t=0 $200;
t=1 $214;
t=2 $228.98;
t=3 $245.01;

Answer 16

Now how did you come up with that?

Answer 17

Multiply 200 by 1.07 then do it again and again.

Answer 18

At the end of each year you have 1.07 times as much as you did at the beginning of the year (or 7% more).

Answer 19

Even after trying to do 200(1.07)^3, when I round the answer to the nearest hundredth it still comes out as 245.10 but that still is not the answer... maybe this stupid "MyMathLap" online thing is wrong.

Answer 20

You didn't correctly round to the nearest hundredth:

\[A=p(1+\frac{ r }{ n })^{nt}=200(1+\frac{0.07}{1})^{1*3}=200(1.07)^3=$245.01\]

Answer 21

Just miss typed the .01 as .10... got it thanks!

Answer 22

np :)