Question

more interest problems..............

Answer 1

@Hero @Jemurray3 @jim_thompson5910 @karatechopper @robtobey

Answer 2

i have no idea what im doing wrong and its pissing me off...
i did
11,000*(1+(.08/4))^(4*7)
and got 19,151.26627 but thats wrong!

Answer 3

i'm using the formula im given and plugging everything in

Answer 4

Interest Compounded Quarterly:

\[A = P\left(1 + \frac{r}{n}\right)^{nt}\]

Answer 5

n = 4

Answer 6

thats what i did, no?

Answer 7

Actually, you have it correct. I think you entered the answer incorrectly on your computer.

Answer 8

On your computer, you entered 19,242.027, which is not correct.

Answer 9

The correct answer which you posted above is 19,151.27

Answer 10

no, that was just one of my many attempts

Answer 11

the one im most sure about is 19,151.26627 but that too was "wrong"

Answer 12

Have you tried entering 19,151.27

Answer 13

i think so. let me try again.

Answer 14

wooow. it was counting it wrong because i was using a comma.

Answer 15

Yeah, don't use commas

Answer 16

So you entered 19151.27, right?

Answer 17

^That's the only correct answer it will accept.

Answer 18

yup.

Answer 19

what would i put for n when it says compounded bi-weekly

Answer 20

n = 26

Answer 21

Since 52/2 = 26

Answer 22

There's 52 weeks in a year

Answer 23

thats what bi-weekly means? why dont they just say semi-annual?

Answer 24

Because semi-annual doesn't mean the same as bi-weekly

Answer 25

semi annual = every six months

Answer 26

or wait nevermind....

Answer 27

how would i solve for t in the compound interest equation?

Answer 28

for example...
24,673.32=12,000(1+(.08/4))^(4*t)

Answer 29

take logs of both sides, then isolate t

Answer 30

can you refresh my mind. i think ive done this before but im not recalling everything.

Answer 31

look up rules of logs

Answer 32

ok im looking at this...
http://beginnersinvest.about.com/lw/Business-Finance/Personal-finance/Calculating-Logarithms-and-Compound-Interest.htm
but its different than what i have

Answer 33

I said to look up rules of logs, not that.