Question

someone help me? another medal and fan if we can work to find out the answer!

Answer 1

Calculate the amount of your compound interest investment after 10 years. Remember that you are starting with $7,500. (my interest rate is .84%)

Answer 2

@satellite73

Answer 3

How many compounds per year? Or is it continuously?

Answer 4

use the compound interest formula and plug in your numbers.

Answer 5

the frequency is daily

Answer 6

\[A = P(1+\frac{ r }{ n })^{nt} \]
where P is starting amount, r is the rate as a decimal, n is the amount of compounds per year and t is time in years.

Answer 7

Okay, so that means n in our formula would be 365. So then we just plug in numbers:
\[A = 7500(1+\frac{ .0084 }{ 365 })^{365*10} \]
Assuming you meant .84% and not 84% xD

Answer 8

i bet n =12

Answer 9

Even though its daily?

Answer 10

then your daily interest is (0.84%)/365 = 0.84/(100*365)

7500*(1+0.84/(100*365))^(10*365)

Answer 11

Oh daily sorry i missed that. You are correct Simon

Answer 12

What zarax put and what I put are the same thing, btw @xoxo_devvie, he just had an extra division by 100 in the bottom and I moved the decimal place over 2 to the left without throwing in the extra divide by 100 in the bottom.

Answer 13

i am lost
didn't we just do this exact problem?

Answer 14

i forgot to tell you my interest rate.

Answer 15

can you help me work on the rest of the problem @Psymon ?

Answer 16

@zarax can you hee igure out the rest of the problem?

Answer 17

@zepdrix

Answer 18

oh hi there c:

Answer 19

hi! ahahah

Answer 20

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

And we have:\[\Large r=.84\text{%} \qquad\to\qquad r=.0084\]\[\Large t=10\]\[\Large n=365\]\[\Large P=7500\]

Answer 21

Just plug em in!! :O

Answer 22

ok hold on dont go anywhere! ahah

Answer 23

my calculter says error

Answer 24

You silly billy -_-

Answer 25

ahhh! ahah i dont know what im doing wrong:(

Answer 26

If you're trying to put it all into your calculator at the same time, try doing it like this:\[\Large 7500((1+(.0084/365))\text{^}(365*10)\]

Answer 27

I find it really difficult to do it all at once, since you need so many brackets.
I prefer to do it piece by piece. But that requires a little bit of finesse :)

Answer 28

ok hold on haha!

Answer 29

uuuuughhh! im getting so mad! i got 27375630

Answer 30

Did you try entering it the way I posted? D:
You should get something a lot nicer than that.

What kind of calculator are you using?

Answer 31

just a basic calculater and yes i did!:(

Answer 32

Do you have a key called \(\large Ans\) anywhere on it?

Answer 33

nooooo

Answer 34

Ok then I guess the way we would have to do this is by calculating it piece by piece and rounding between each step :)

Answer 35

Start with this :)\[\Large .0084\div 365=?\]

Answer 36

2,301?

Answer 37

whut? +_+

Answer 38

You should get \(\Large 0.000023014\), yes?

Answer 39

whattt? let me try again

Answer 40

nope i didnt get that

Answer 41

2.301369 is what i got

Answer 42

Oh lol.
Did you get 2.301369 and then on the far right it has something about an E?

Answer 43

Something like this maybe? :o\[\large 2.301369 \qquad -5\text{E}\]

Answer 44

yes!

Answer 45

That sucks :( your calculator is putting it into `scientific notation` for you.
That's going to make this a little more difficult.
Maybe use Google Calculator or something for now.

Answer 46

https://www.google.com/#q=.0084%2F365

Answer 47

ok so what do i need to do?

Answer 48

Let's just type the calculations into google search :)

.0084/365

like that.

Answer 49

So we get this long decimal.
\(\Large 0.00002301369\)
Let's cut it off at some convenient point so it's easier to use.\[\Large 0.000023\]

Answer 50

ok now thats what i got also!

Answer 51

Ok good c:
So we started with this,
\[\Large A=7500(1+\frac{.0084}{365})^{365*10}\]And making our first calculation gives us this,\[\Large A=7500(1+0.000023)^{365*10}\]

Answer 52

Let's work from the inside out, following our order of operations.
So let's add the 1 and the long decimal next.

Answer 53

1+0.000023 = ?

Answer 54

1.000023 ?

Answer 55

Ok good!\[\Large A=7500(1.000023)^{365*10}\]
Next let's simplify the exponent by doing the multiplication.\[\Large 365*10=?\]

Answer 56

3650?

Answer 57

K cool :)\[\Large A=7500(1.000023)^{3650}\]
See how it's getting a little bit simpler as we do each calculation?
This problem would be A LOT easier if you had a decent calculator ^^ lol

Answer 58

oh gosh i know right but thank you for helping me so far!

Answer 59

For the next calculation we'll use the caret symbol for the exponent operation.

1.000023^3650

Answer 60

wheres that sign at?

Answer 61

Shift 6

Answer 62

1.08757346377
?

Answer 63

Ok that sounds right.\[\Large 1.08757346377\]
Let's cut off some of the numbers so it's easier to work with.
(We'll lose a little bit of accuracy by doing this, but whatever.)\[\Large 1.08757\]

Answer 64

So now our problem becomes,\[\Large A=7500*1.08757\]Right?

Answer 65

right!!!

Answer 66

So what do you get when you do the final multiplication? :o

Answer 67

8156.775
?

Answer 68

If we had punched all the numbers in at the same time we would have gotten,\[\Large A=8157.2088\]
See how our answer is off by a tiny bit?
It's not a big deal. But that's just something to keep in mind. When we do rounding in the middle of the problem, it will affect our final answer a little bit.

Answer 69

thats ok! well what would i have gotten?

Answer 70

what? +_+

Answer 71

for the actual answer?

Answer 72

The answer you came up with is fine c: It's close enough to be correct.
You could round it up to 8157 if you wanted to.

Answer 73

Spend 10 bucks, get a decent calculator!! D:
It'll make these problems a lot easier :c

Answer 74

Unless you're not allowed to use calculators on tests..

Answer 75

its not a test lol its a question on my homework :p would you mind helping me with 2 more problems?:) ill ask it in a whole different question so i can give you medals for those too. you have no idea how happy i am! thank you thank you thank you!

Answer 76

Ya I'll try to stop by :d

Answer 77

ok! yay!