Question

HELPPPP PLEASE!!!!!!!!

Answer 1

@satellite73

Answer 2

HELP PLEASEEEE!!!

Answer 3

@ANYONE

Answer 4

what..what...

Answer 5

thnnks~ Here is the problem i have a few so it would be great if you could hep me with all of them

Answer 6

For the investment with interest compounded annually, find the final balance and the total interest earned.

$70,600 for 3 years at 4.2%

A.
final balance: $70,896.52
interest earned: $296.52

B.
final balance: $73,565.20
interest earned: $2965.20

C.
final balance: $79,495.60
interest earned: $8895.60

D.
final balance: $79,874.45
interest earned: $9274.45

Answer 7

how would you figure this out

Answer 8

would it be the ammount of money divided by the percent of interest? Times the number of years?

Answer 9

what's the formula for compounded interest?

Answer 10

i am not sure is it the thing i just typed above?

Answer 11

that's more like simple interest

Answer 12

ok i dont know

Answer 13

with compunded interest the Principal + Interest from first year goes into the calc for interest of the second year and so on with thirrd year...

Answer 14

what???

Answer 15

tell me that's the interest after year 1 ?

Answer 16

4.2

Answer 17

that is the percent of interest for the first year out of the money ammount total

Answer 18

no i mean the amount of interest earned after 1 year

Answer 19

ok so how would you find that out is there a formula?

Answer 20

70600 * 4.2/100 right?

Answer 21

ok why thoes numbers?

Answer 22

if i know how to do the formula then i can do any problem likeths

Answer 23

after year 1 the interest amoutn is $2965.20

Answer 24

ok how did you get that??

Answer 25

would you do 76000/4.2??

Answer 26

now add this amount to 70600 and calc the interest amount for year 2... this is what they call compounded interest, ok?

Answer 27

ok

Answer 28

is that the formula?

Answer 29

would you do 76000/4.2??
NO

Answer 30

I will find the formula now, this is the long way, hold on...

Answer 31

no why?

Answer 32

because you multiply the interest rate by the amount, not divide them..

Answer 33

if you put $10'000 in the bank for a year at an interest rate of 5% what will the interest amount be at the end of the year?

Answer 34

the formula for compound interest is here
https://qrc.depaul.edu/StudyGuide2009/Notes/Savings%20Accounts/Compound%20Interest.htm

Answer 35

10000 * 5/100 = 500, so your 10000 made you 500 after a year

Answer 36

ok i get it

Answer 37

thanks so much!!!

Answer 38

can you work me through this problem?

Answer 39

yes sure

Answer 40

thank you so much you will be fanned and medalized!!!

Answer 41

so would we do 1600/4.2/100?

Answer 42

sorry 76000/4.2/100

Answer 43

ok well i am confused now

Answer 44

no
multiply by 4.2/100
not divide

Answer 45

ok

Answer 46

what do u get?

Answer 47

9576

Answer 48

I get 2965.2
how did u get urs?

Answer 49

i did 76000*4/2/100*3 to get 9576

Answer 50

sorry i ment 4.2

Answer 51

first the amoutn is 70600
not 76000 :)
do it again please

Answer 52

i got 8895.6

Answer 53

thank you for helping me

Answer 54

70600 * 4.2
---------- = 706 * 4.2 = 2965.2
100

Answer 55

ok well i entered 70600*4.2/100*3

Answer 56

ahhh u trying to do it for 3 years, hold on, we are only doing year 1 first ok?

Answer 57

oh i get it ok!!!

Answer 58

htat is why we were off

Answer 59

yep

Answer 60

ok i get how to do it! Thank u so much again!!!!

Answer 61

what is it now for year 2, given that u have a new amount which is
70600 + 2965.2 = 73565.2

can u work it out for one year only?

Answer 62

73565.2 * 4.2
----------- = 3089.7384
100

Answer 63

it is C

Answer 64

now do year 3,
the amount becomes 3089.7384 + 73565.2 = 76654.9384

76654.9384 * 4.2
--------------- = 3219.5074128
100

add this to the amoutn 76654.9384 + 3219.5074128 = 79874.4458128

the answer is D

Answer 65

now use the forumula for compounded interest and you should get the same result

A = 70600 (1 + 0.042)^3 = 70600 * 1.131366088 = 79874.4458128

Answer 66

thanks for sticking around ;)