Please help me? Compound interest?

Question

anonymous · Answer

Yes?

anonymous · Answer

Whenever I calculate this I either get 660 or 668...

anonymous · Answer

Do you know the formula?

poopsiedoodle · Answer

If you don't know the formula, it's

$$answer = P(1 + \frac{ r }{ m })^{tm}$$
where r is the rate, m is the amount of times it is calculated, and t is the amount of years.

anonymous · Answer

Yes

anonymous · Answer

@poopsiedoodle I'll try to calculate it again hang on

anonymous · Answer

So then you plug it in

poopsiedoodle · Answer

huh. I just did it and I got the wrong answer too. Time to break out the TI.

poopsiedoodle · Answer

I'm getting $658. What even

poopsiedoodle · Answer

maybe @nincompoop or @Directrix knows

anonymous · Answer

I got 663 :/

anonymous · Answer

Yes that is what i got too @poopsiedoodle

poopsiedoodle · Answer

oh wait you need a different formula for this
hang on

anonymous · Answer

This is my eqation:

Y=500(1=.071)^4

poopsiedoodle · Answer

$$A = Pe ^{rt}$$
where P = 500, r = .071, t is 4, and e is approx 2.718281828

poopsiedoodle · Answer

and A is the answer.

poopsiedoodle · Answer

using that, you should get one of the choices listed. You can go here for more reading on that, if you want. http://cs.selu.edu/~rbyrd/math/continuous/

anonymous · Answer

y=yoe(rt)=500e(7.1/100*4)=664

anonymous · Answer

thanks so much @AJ01  @poopsiedoodle

poopsiedoodle · Answer

yw :*
this is one of the few math things I can do because we're going over this right now in my analytical geometry class :p