Question

Phillip deposited $5,670 into a savings account 19 years ago. The account has an interest rate of 4.1% and the balance is currently $12,356.04. How often does the interest compound?

daily

monthly

quarterly

annually

Please help me. I can't fail this test.

Answer 1

Hint:

A = P(1+r/n)^(n*t)

12356.04 = 5670(1+0.041/n)^(n*19)

I'll let you finish and solve for n

Answer 2

I did do that, exactly that. However, it never equaled 12356.04, so that's why I got confused. My brain is fried so let me try again, I probably made a mistake. Hold on...

Answer 3

alright

Answer 4

What you could do instead is plug in each possible answer choice and see which ones are true or false

Answer 5

but I'll see what you get here

Answer 6

Wow, how stupid. The answer is daily :)

Answer 7

yep because plugging in n = 365 gives you roughly 12,356.0444063578 which rounds to 12,356.04

Answer 8

plugging in n = 4 for example will give you 12,307.6844083382, which is slightly off

Answer 9

Yep, when I typed that in my calculator, it gave me a bizarre answer. When I used an online calculator, it gave me 12,356.04. Thank you SO much for your help. Can you help me with ONE more please? :)

Answer 10

sure thing, glad to be of help

and go for it

Answer 11

what's your other question?

Answer 12

Thank you so much!!

A video game has been developed whereby the player must earn a certain number of experience points before progressing to the next level.

On level 1, a player must earn 1 experience point.
On level 2, a player must earn 6 experience points.
On level 3, a player must earn 13 experience points.
On level 4, a player must earn 22 experience points.

How many experience points must a player earn on level 7?

33

46

54

61

Answer 13

Every question that is like this I get wrong. I just don't understand it at all.

Answer 14

this one is a bit tricky, but...

the jump from 1 to 6 is 5 (since 1+5 = 6)

the jump from 6 to 13 is 7 (since 6+7 = 13)

the jump from 13 to 22 is 9 (since 13+9 = 22)


so we start off by adding 5, then we add 7, then we add 9, etc

The pattern is

+5, +7, +9, ...

Answer 15

basically we add on odd numbers from 5 onward

Answer 16

The next odd number after 9 is 11, so we add 11 to the last term of 22 to get

22+11 = 33

This is the 5th term

Answer 17

The 6th term is found by adding 13 (the next odd after 11) to 33 to get 33+13 = 46

Finally, the 7th term is 46+15 = 61

Answer 18

So you need 61 points on the 7th level

Answer 19

So 61 would be the 7th term?

Answer 20

The good news is that you can interpolate a polynomial (a quadratic to be specific) to make things a bit shorter, but luckily the 7th term isn't too far away

Answer 21

yes

Answer 22

is this site glitching on you a bit?

Answer 23

it says I'm typing when I'm not lol

Answer 24

Thank you so much! I think I finally understand it. You are such a great help, I can't thank you enough!