Question

your fixed expenses are 1,763.25/months. You saved 6 months worth for an emergency fund in a saving account earning a 4.5% APR over three years. After 3 years you withdrew 4,360.00 because of losing your job. what is your balance after the withdrawal?

Answer 1

the answer i have is 7,647.73 i wanted to see if someone can tell me if that's right.

Answer 2

Idk @TheSmartOne @pooja195 @nincompoop

Answer 3

okay thank you.

Answer 4

@cwrw238 @zepdrix @mathstudent55 @jim_thompson5910

Answer 5

thank you so much.

Answer 6

does it state the income of this job? or how much is saved?

Answer 7

no it doesn't this was all the question said

Answer 8

can you post a screenshot of this problem?

Answer 9

okay hold on ill try

Answer 10

its not letting me sorry.

Answer 11

you tried printscreen?

Answer 12

how do u do that? sorry im such dummy.

Answer 13

are you on a windows? or mac?

Answer 14

windows

Answer 15

http://www.wikihow.com/Take-a-Screenshot-in-Microsoft-Windows

this page gives a visual step by step

basically you

1) hit the printscreen key (usually located at the top of the keyboard, look for prt scrn)

2) open up a program like MS paint

3) paste the screen you captured

4) send the image

Answer 16

the print screen key will copy the entire screen and put it in the clipboard so you can paste it into image editing programs

Answer 17

okay im going to do that right know just give me another second i am really sorry.

Answer 18

you're fine, don't worry

Answer 19

okay i hope i did this right sorry if it cam out bad

Answer 20

it the third question

Answer 21

I see, and thanks. Ok so I'm thinking that there is a formula that you use to determine how much you save each month based on your net monthly income. Did the teacher give you that formula in the lesson/lecture?

Answer 22

i'm behind on my school work so im not really sure but i think it has to do with a FV formula

Answer 23

FV of annuity
i think thats what its called

Answer 24

yeah you'll use the FV of annuity formula here. But we need to know how much is saved monthly. To figure that piece out, we need to know the formula for how much to save

usually it's like

amount you save = 10% of your net monthly income

Answer 25

but that 10% can vary and the teacher may have given you a formula

Answer 26

i honestly don't remember and i don't have my notebook with me i forgot it at home i wouldn't have a way of checking. im sorry if i wasted your time.

Answer 27

You didn't waste my time. If you can, see if you can find the formula or ask your teacher for the formula and we can work on it later

Answer 28

okay thank you so much.

Answer 29

no problem