Question

Stan’s savings account has a balance of $2257. After 5 years, what will the amount of interest be at 10% compounded quarterly?

Answer 1

please show work so that i do not have to keep asking

Answer 2

@e.cociuba if you can <3

Answer 3

It's all good :)

Answer 4

use the formula

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

Answer 5

A = final amount
P = initial amount (or principal)
r = interest rate
n = number of times balance is compounded per year
t = number of years

Answer 6

In this case

A = unknown (solving for this)
P = 2257
r = 0.10
n = 4 (compounding quarterly or 4 times a year)
t = 5

Answer 7

would that work in the financing app on my ti-84 plus?

Answer 8

depends on what the app does and what input it takes

Answer 9

if it's a compound interest app, then yes it should work

Answer 10

indeed it is

Answer 11

ok then it should work

Answer 12

the finer details of how it works and how you work the app would be left to the instruction manual of that app itself

Answer 13

but it should be as simple say entering the correct corresponding values for each variable when asked

Answer 14

hmm that looks like a monthly payment calculator

Answer 15

what other apps do you have?

Answer 16

i have
tvm_Pmt
tvm_I%
tvm_PV
tvm_N
tvm_FV

Answer 17

try tvm_FV

I think that stands for

"time value of money_Future value"

Answer 18

that is what it means

Answer 19

that's basically what you want...the value of this money some time in the distant future

Answer 20

sweet...ty

Answer 21

np