help me please!!!
775(1 + 0.0425)^1 * 12

Question

help me please!!!
775(1 + 0.0425)^1 * 12

mertsj · Answer

Do you have a calculator?

anonymous · Answer

use pemdas
775(1.0425)^1*12
775(1.0425)*12
807.9375*12
 9695.25

anonymous · Answer

oh thank you!!! but that is not the answer in my book!!

anonymous · Answer

oh SORRY.. what do they give you?

mathmale · Answer

I'm concerned about that 1 near the end of your expression:  775(1 + 0.0425)^1 * 12

Where did that come from?

mathmale · Answer

Would you mind double checking to ensure that you've copied the problem down here exactly as it appears in your book?  Could you use the Equation Editor for greater clarity?

anonymous · Answer

ok the problem is actually this: $775 deposit earning 4.25% compounded anually, after 12 years

anonymous · Answer

oh that explains alot...

anonymous · Answer

:D sorry!!

anonymous · Answer

its cool. dont worry

anonymous · Answer

thank you guys!!!

mathmale · Answer

775(1 + 0.0425) is fine, but I'm not sure I understand your    ^1 * 12   at the end.

OK, thanks very much for the clarification; that was important!

the relevant formula, a simplified version that takes into account the fact that interest is compounded once per year, is


A=P (1+r)^t,
where P=principal amount, r=interest rate as a decimal fraction, and t=number of years.

mathmale · Answer

So, JustinDrewBieber, you'll end up with

A=775(1+0.0425)^12.

mathmale · Answer

If you insist on typing in that " 1 " to indicate annual compounding, then please enclose it and the 12 in parentheses:      ^(1*12).  Otherwise your computer calculates things in the wrong order!

anonymous · Answer

oh ok thank you!!! but how do I work it now?

mathmale · Answer

the correct answer is $1,277.07.  share half of that with me, please?

mathmale · Answer

Have a TI-84 calculator?

mathmale · Answer

Unfortunately, I'm much less familiar with other calcs., but if you have a TI-84, it'd be a snap to walk you thru this calculation.

mathmale · Answer

JDB?

anonymous · Answer

IDK!!

anonymous · Answer

I have TI-30XS

anonymous · Answer

nevermind, I think I got it!!!

mathmale · Answer

Don't have one and am less fam. with that.

But anyway.  I'd suggest you type in 1.0450^12 first.  Does that seem workable to you (know how to do that)?

mathmale · Answer

Then multiply the result by 775 and you've got it.  Congrats.

anonymous · Answer

Thanks SOOOOOOO much!!!!

mathmale · Answer

My great pleasure.  Keep up the good work!  And thank you for the medal!