Question

Okay so as you can see this is incorrect. I have double checked my answer.... what am I doing wrong here?

Answer 1

1,500 5 Years 5 % Rate

Total = Principal × ( 1 + Rate )^years
Total = 1,500 * (1.05)^10
Total = 1,500 * 1.6288946268
Total = 2,443.3419401662
= 2,443.34 Rounded

Here is a compound interest calculator:
http://1728.org/compint.htm

Answer 2

Well what did I do wrong? it keeps saying that i am wrong :/

Answer 3

What you may have been doing this wrong because (and I started the same way) is that you may have used that 25 year value which has absolutely zero, nothing, nought, zilch, importance to getting the answer.

You input 2,443.34 and it says it is wrong?

Answer 4

Yes.. correct. Just like the picture shows, is how I entered it. It keeps saying incorrect. I'm an online student.

Answer 5

Are you inputting the dollar sign or commas?

Answer 6

Yup, exactly how the picture shows it, I am entering the comma & dollar sign

Answer 7

enter it without dollars and comma

Answer 8

wrong :(

Answer 9

I feel like they make it so difficult haha, i am clueless on what to do now

Answer 10

I guess then you entered it as this?
2443.34

Answer 11

correct....

Answer 12

It is possible THEY could have messed up. Among other things THEY could have calculated it for that stupid 25 year value which has nothing to do with the problem.

Answer 13

hmmm.. true. I guess I'll just have to submit & get it wrong again :/ maybe I'll call my teacher up just to get the points lol

Answer 14

Absolutely!!!!!!!!! If someone's grade will depend on these results it seems they should make ABSOLUTELY sure that it is going to work correctly!!

Answer 15

ugh someone that gets me! this happens quite often and it really is annoying. thanks for all the help though. you've been great!:)

Answer 16

and thanks for the medal - even if we both got the "wrong" answer - LOL

Answer 17

Lol!! no problem :-) you were very patient

Answer 18

shucks thanks - kicking my shoe in the dust :-)

Answer 19

What is the compounding period?
Also, the question is how much interest was earned not how much is the account worth.

Answer 20

I've got it - it is asking how much interest ARRGGGHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
jerks

Answer 21

..... im lost

Answer 22

943.34 Interest they don't want the TOTAL - they are jerks

Answer 23

They want the 943.34 INTEREST

Answer 24

ooooooh my goodness they're rude lol

Answer 25

Yes and don't forget that totally useless 25 year value that has nothing to do with the problem

Answer 26

Since they mention the term "exponential" rise, maybe they mean continuously compounding interest.

\(\large A = Pe^{rt}\)

\(\large A = 1500e^{0.05 \times 10} \)

\(\large A = 1500e^5\)

\(A = 2473\)

\(I = A - P = 2473 - 1500 = 973\)

Answer 27

943.34 or 973 ???

Answer 28

im scared to submit hahaha

Answer 29

vachave412 - try just entering the interest - go on

Answer 30

It makes no difference.
@vachave412 & @wolf1728 Instead of going on a tirade against the writers of the problem, perhaps you two should read the problem more carefully.

Answer 31

Using continuous compounding, my result for interest amount is $973.08.

Answer 32

It asks for
1) the interest earned
2) rounded off to the nearest $1000

That means $943 and $973 will give the same answer.

Answer 33

Rounded to the nearest $1000 the answer is $1000

Answer 34

I tried it all. it was incorrect

Answer 35

@kropot72 Exactly.

Answer 36

@vachave412 Did you try $1000?

Answer 37

Okay $1000 is correct!!!

Answer 38

so true.. it rounds to the nearest $1000

Answer 39

Okay im gonna study this for hours now hahaha :/

Answer 40

i'm bowing my head in shame. lol yeah. lesson learned. thanks guys....

Answer 41

Yeah well I should have paid more attention to the astoundingly unimportant 25 year value

Answer 42

u r welcome vachave

Answer 43

Lesson learned:

\(\huge \bf \color{red}{READ}\)

\( \huge \bf \color{red}{EVERY}\)

\(\huge \bf \color{red}{PROBLEM}\)

\(\huge \bf \color{red}{CAREFULLY}\)

Answer 44

absolutely matshtudent (heck at least I figured I could send a medal in your direction) :-)

Answer 45

When you have time, try this:
You may use a calculator.
Take 5. Add 22 to it. Subtract 18. Multiply the result by 45. Take the square root. Divide by 18. Add 48. Subtract 17. Multiply by 193. What do you get when you add 1 to 1?

Answer 46

2??

Answer 47

Correct. You see, you need to read a problem to the end and answer the question being asked.

Answer 48

okay :-)