Question

You have invested $1,800.00 at 7% daily for 4 years. What is the interest paid?
You will need to use the Compounding Table:
http://imgur.com/TEVL4CT

Answer 1

there's an equation for that, but I don't remember it. do you?

Answer 2

Not at all! I cannot even look at anymore math equations tonight without drawing a blank! >.<

Answer 3

let's start with the time component

Answer 4

interest is compounded every day for a period of 4 years. How many days are there in 4 years?

Answer 5

1460?

Answer 6

(if you think you can figure it out by yourself after seeing how a similar problem is done, go here: http://qrc.depaul.edu/studyguide2009/notes/savings%20accounts/compound%20interest.htm) if not, i'll explain it to you

Answer 7

add one for leap year

Answer 8

My computer is saying there is a server error - I'm sorry to ask, but do you have another link? x.x

Answer 9

i'll just explain it to you

Answer 10

I'd be reeeally grateful to you!

Answer 11

what time is it for you? (so I can know whether to explain the basics or more than that)

Answer 12

12:52 am but that's nothing! Give me one sec tho! I'll copy the multiple choices too! ^^

Answer 13

A) $518.57
B) $581.57
C) $681.57
D) $618.57

Answer 14

12:52 is nothing? that's really late...

Answer 15

anyway... 1461 days.

Answer 16

I know- but do not worry. I take online classes so.. :3

Answer 17

the formula for compound interest is \[A=P(1+\frac{ r }{ n })^{nt}\]
P = principal amount (the initial amount you borrow or deposit)
r = annual rate of interest (as a decimal)
t = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n = number of times the interest is compounded per year

Answer 18

*boom* ..That was my mind.

Answer 19

Hmm. Give me one second to let this soak in.

Answer 20

I got nothing T-T

Answer 21

so do you want me to talk you through how to find it?

Answer 22

or do you want me to talk you through applying it?

Answer 23

tag me if you come back and still need help