Question

x

Answer 1

2000 over 5 years is not going to get you millions of dollars ...

Answer 2

his formulas and values look fine to me, so im not sure what he did wrong other than maybe accept such an absurd amount for an answer?

Answer 3

3.15 is bad ...

Answer 4

ideally 3.15% is fine, but if his calculator doesnt know what to do with that then .0315 is required

Answer 5

okay so the mistake is 3.15/4 and the correct one would be .0315 right?

Answer 6

seems reasonable yes :)

Answer 7

correct

Answer 8

thank you :)

Answer 9

youre welcome

Answer 10

the dividing by 4 bit is right, as the compounding is quarterly, it's just it should be 0.0315/4 - he didn't divide by 100.