Question

hey guys, i never really ask for help but im stuck in algebra 2. we had to make our own equations with information we gathered and i need help solving it. i reread the lesson a whole bunch of times but im still stuck. i need an explanation please!!!! <3

Answer 1

my equation is
a=26,000(1+ 2.38/12) ^(12)(5)

Answer 2

i think its logarithms

Answer 3

i really need help, if anyone has anything they could say to help would be great, ive been stuck on this the past 4 weeks >.<

Answer 4

Algebra 2A or B?

Answer 5

i dont know..i live in florida. we just have algebra 2 here..

Answer 6

Ohh, idk im sorry :/

Answer 7

:c do you have anyone you could refer to this? please im desperate. im now 4 weeks behind becaus eof one question

Answer 8

I feel you, umm I could just message someone who had the name champion or mentor and they probably could help.. hope everything works out.

Answer 9

that would be amazing..i fairly noob to this site

Answer 10

can you take a screen shot of the original question, and post it?

Answer 11

i made up the question...and i dont know how to use this site but i think i did it wrong it should be
26,000 = a(1+ 2.38/12) ^(12)(5)

Answer 12

Can you fill in some details ?

you said
" we had to make our own equations with information we gathered"

can you say what you info you used , and what the equation means ?

Answer 13

it supposed to be like rate on a car loan. 2.38 is the rate and 26,000 is the price of the car, the 12 is per month and the 5 is over a time span of 5 years

Answer 14

im supposed to find the amount paid after 5 years time

Answer 15

using this formula
A=P(1 + R/N) ^ (N)(T)

Answer 16

ok. so you mean you borrow 26,000 at 2.38% interest rate for 5 years.

Answer 17

um yes..i think

Answer 18

26,000 is A
2.38% is R
12 months is N
and 5 years is T

Answer 19

the formula you posted
A=P(1 + R/N) ^ (N)(T)

is more appropriate to figure out how much money you have if you deposit 26,000 in the bank and it pays 2.38% interest for 5 years.

A loan is more complicated. Does it have to be a loan ?

Answer 20

thats the formula i HAVE to use and she just said that as an example i guess

Answer 21

Thats what the formula should look like, just plug in the numbers

Answer 22

ok. In that case, make the problem: You deposit 26,000 into a bank at 2.38% interest rate compounded monthly.
How much money do you have after 5 years?

there is one trick to using your formula. the rate r is a decimal. That means you must first change the 2.38% to 0.0238 before using it.

P in your equation is how much you put in the bank at the start. P = 26000

Answer 23

You should "tweak" your equation
*** my equation is
a=26,000(1+ 2.38/12) ^(12)(5)
*****
to
a=26,000(1+ 0.0238/12) ^(12)(5)

Answer 24

ohhhhhhhh. i thought since its alreadya decimal i didnt have to change it????

Answer 25

Usually interest rates are given as percents. Example: 10% which is the same as 0.10
or 5.5% which is 0.055 (divide by 100 to change the percent to a decimal)

Answer 26

To answer the question
How much money do you have after 5 years?

use a calculator on your equation

Answer 27

oh, ok. so i did the part in the parenthesis and got 1.00198333333

Answer 28

do i take it to the 60th power?

Answer 29

yes

Answer 30

1.12623718056 now i have that

Answer 31

yes. finally multiply that by the original principal 26000

Answer 32

isnt this too big a number though??? 29282.1666947

Answer 33

i thought it couldn't exceed 26,000?

Answer 34

a=26,000(1+ 0.0238/12) ^(12)(5)
a= 26000 (1.00198333333^60)
a= 26000*1.12623718056
a= 29282.1666947

you should round that to the nearest penny

Answer 35

so the extra is just what the bank makes then?

Answer 36

if you put money in the bank they pay you interest (think of it as you are loaning the bank money and they pay you for it)

Answer 37

oh ok

Answer 38

how would i go about finding t?

Answer 39

in other words, after 5 years, the 26,000 will grow to 29282.17 (rounded to the nearest cent)

Answer 40

THANK YOU OH MY GOODNESS

Answer 41

I struggled with this for weeks, muchos gracias

Answer 42

to find "t" (I assume you mean the number of years) you need to know all the other numbers.

Do you have a specific question where you want to find t ?

Answer 43

i need to find how many months until id owe the bank $100,000

Answer 44

so i would put that in for a and leave t blank?

Answer 45

Can we change the question to how long before your bank account reaches 100,000 ?
(loans normally have you start paying a monthly payment immediately, which is more complicated than your equation)

Answer 46

can you write down what you think the equation should be, if you want to know how long it will take 26,000 to grow to 100,000 at an interest rate of 2.38% compounded monthly.
?

Answer 47

yeah i guess

Answer 48

100,000=26,000(1+ 0.0238/13)^(12)t

Answer 49

I assume you mean divide by 12 (not 13) ?

Answer 50

oh yeah sorry

Answer 51

woops

Answer 52

the stuff inside the parens will be the same as before 1.00198333333

Answer 53

ok
then what?

Answer 54

\[ 100,000=26,000(1.00198333333^{12t} )\]

the next step is divide both sides by 26000

Answer 55

3.84615384615

Answer 56

you have an equation, so you should write the whole equation

Answer 57

3.84615384615 = 1.001983333333^12t

Answer 58

next, to get at the exponent, we use logarithms

take the log of both sides (log base 10 is fine)

Answer 59

we use this property on the right side
\[ \log(a^b) = b \log(a) \]

Answer 60

now im confused..

Answer 61

you start with
\[ 3.84615384615 = 1.001983333333^{12t}\]
take the log of both sides
\[ \log(3.84615384615 )= \log(1.001983333333^{12t})\]

Answer 62

i got this for the left side 0.58502665202

Answer 63

on the left side, you use a calculator. on the right side, you have to use the rule
\[ \log(a^b) = b \log(a) \]
for example
\[ \log(1.01^{2t}) = 2t \log(1.01) \]

on the left you get 0.58502665202
what about the right side ?

Answer 64

and this for the right side 0.00086049767

Answer 65

times 12 t

Answer 66

0.01032597212t

Answer 67

yes, but write out the whole equation
0.58502665202 = 0.01032597212t
solve for t

Answer 68

0.08333333268=t

Answer 69

? try again
0.58502665202 = 0.01032597212t
t= 0.58502665202/0.01032597212

Answer 70

to solve for t we divide both sides by 0.01032597212

Answer 71

sorry i have dyslexia >.< hold on

Answer 72

56.6558426869=t

Answer 73

I would round that to 56 and ⅔ years

Answer 74

ok, thank you, SO MUCH. i fell so far behind in work and now i can finally move on.

Answer 75

im online schooled and its hard for ME to teach myself, some peopel can do it but i have trouble, so again, thank you, LIFESAVER

Answer 76

yw