Martin needs $15,900 to purchase a boat. How much money will he need to invest today in a savings account earning 2.9% interest, compounding quarterly, to have enough money to purchase the boat in 13 years?

Question

notamathgenius · Answer

23,056.69

anonymous · Answer

wtf how would you put in more money to lose it lol

anonymous · Answer

that's the answer i got , but it isn't one of the answer choices ? they are :

$15,311.94 

$14,160.39 

$10,920.91 

$3,595.82

anonymous · Answer

10,920.91

anonymous · Answer

thanks so much ! what about :
Jamie wants to take a trip around the world. She plans to deposit $225 at the beginning of each month into an investment with a 2.25% interest rate, compounded monthly. How much will she have in the account after 6 years?
 
$17,327.05 

$17,359.54 

$39,631.66 

$40,523.37

anonymous · Answer

look this is the formula you want to use $$A=P(1+\frac{ r }{ n })^{nt}$$
A=final amount
P=principal
r=rate
n=number of times compounded per year
t=years

anonymous · Answer

so let's plug in he numbers

anonymous · Answer

what is the formula ? it says that there was a math processing error .

anonymous · Answer

that's for the first one any way there's a different formula for added monthly values

anonymous · Answer

A=P(1+r/n)^nt

anonymous · Answer

so when i do that i get 257.49 .

anonymous · Answer

there would be a different formula for when you're also adding value to the account monthly.  The first is when you just create an account put in an initial value and let it grow

anonymous · Answer

so then what would i do ? ...

anonymous · Answer

trying to remember it's been a while since I've had to do this lol

anonymous · Answer

lol i'm awful at math , so i don't even know where to start . is the formula you're thinking of that like FVOA one ?

anonymous · Answer

I'm not sure which one that is. But your answer would be 17359.54

anonymous · Answer

thankyou (: and this oneee ? i got 168.90 , which isn't even close to being right lol .
Gabriel has an annuity that pays $1,310 at the beginning of each year. If the economy grows at a rate of 1.95% quarterly, what is the value of the annuity if he received it in a lump sum now rather than over a period of eight years?
 
$9,681.67 

$9,728.87 

$38,726.68 

$38,915.48

anonymous · Answer

Not sure about this one sorry.  And i don't want to waste your time or give you a wrong answer

anonymous · Answer

it's all goood . you already helped me alot ! thanks !

anonymous · Answer

good luck

anonymous · Answer

thankyou . i got a 71 on the test :D

anonymous · Answer

alright