Question

$100 is deposited at the end of every week for five years in an account that pays 14%/a, compounded weekly. (8)
What type of annuity is this?
Find the future value of the annuity using the formula.
Find the future value of the annuity using a spreadsheet. In your answer include the formulas that you typed.
Find the furture value of the annuity using the TVM solver on a graphing calculator or on a website. In your answer, include what values you typed for each parameter.

Answer 1

I only require the second question which is finding the value of annuity using the "formula " which I don't know. Thanks all for your time

Answer 2

Hi, How are ya just a quick reminder, we cant give direct answers but we do help and we will get the answer together. Its in the http://openstudy.com/code-of-conduct that we cant give direct. But if your willing to we can work on this together

Answer 3

Thanks so much

Answer 4

I really appreciate this:)

Answer 5

Yup and heres somthing that will really help u

Answer 6

The standard formula A=P(1+r/n)^nt doesn't seem to work...

Answer 7

You know what the formula is right? I can put some exaples on here

Answer 8

The issue is that the person is depositing $100 weekly and hence interest would be incremental... but I can't yet figure out the formula which also accounts for the gradual increase of deposit..

Answer 9

Ok,

Answer 10

For example if I knew that the principal amount, P was a defined value, then this will be a different story, but the question says a deposit of $10 is made weekly and this creates a problem.

Answer 11

Oh ok yea i get it let me think about this one ik what it is im trying to solve your question too

Answer 12

Thanks man.

Answer 13

Yupp

Answer 14

Ok so $100 is deposited at the end of every week for five years in an account that pays 14%/a, compounded weekly. (8)

Answer 15

Right

Answer 16

Now look at the thing i put

Answer 17

the picture

Answer 18

It's a formula that works for the questino

Answer 19

Now a matter of subbing in the values

Answer 20

the per period and number of periods=since 7 days in a week for five years,
I calculate how many weeks are in a year and then...

Answer 21

Ok there are

Answer 22

51.14/y

Answer 23

now ur teaching me xD

Answer 24

51.14*5=255.7 weeks total in five years

Answer 25

lol

Answer 26

Ok perfect now which one does that cover do you know ( ik im just askin) does it go with P, R or N

Answer 27

P=periodic payment=equivalent to $100 deposit weekly

Answer 28

Awesome now we match the R and the N

Answer 29

the rate and the number of peiods

Answer 30

Now what do you think the rate is? is it 14%?

Answer 31

rate per period=annual rate is 14% therefore I shall divide that by the number of weeks present in a year?

Answer 32

Or in five years?

Answer 33

Actually it's in a year I think

Answer 34

Yea its a year

Answer 35

Now we solve the N number of peiods and it is?

Answer 36

im going to draw this all out btw when we have connected the dots

Answer 37

Thanks

Answer 38

Yup

Answer 39

by the way the value for N is the number of periods so 52.14 woudl be
52? Do I round it off or...

Answer 40

Correct

Answer 41

Then I have the formula filled with 100((1+0.003)^52-1)/52

Answer 42

Then I guess I multiply that by 5 to get the final answer?

Answer 43

U GOT IT!!!!!!!!!!!!!!!!!!!!!!!

Answer 44

Awesome!

Answer 45

Can u calculate that or u want me to lol

Answer 46

I got 109.0

Answer 47

Good job Robert

Answer 48

ok then so I multiply that by 5 to get the final answer it looks

Answer 49

Therefore total compounded interest of $545 is produced?

Answer 50

apart from the deposit profit of $545 is made for the investor.

Answer 51

Yes sure and i want that money in 1 dollor bills

Answer 52

Sounds about right:)

Answer 53

In the states you can actually fake transaction by a dollar bill

Answer 54

Lol good job. Thats what openstudy is about helping other instead of direct that way they can do it again but they will know how

Answer 55

Incredible .

Answer 56

Yup

Answer 57

How did you get here?

Answer 58

I mean never seen a website like this where people help out for philanthropic reasons

Answer 59

So what subject was? banking or wat

Answer 60

I joined this place a long time ago like 5 years to be exact

Answer 61

discrete function unit of the Grade 11 mathematics up in Ontario Canada

Answer 62

i would have a higher smart score(the 71) but i got banned for a long time for posting school account

Answer 63

and not bad subject

Answer 64

you in university or?

Answer 65

I am

Answer 66

In walden univerty

Answer 67

Down in florida

Answer 68

Superbien!

Answer 69

majoring physics or math?

Answer 70

Physics

Answer 71

I am gonna major in physics too

Answer 72

Sweet ^-^

Answer 73

and become the GOD lol

Answer 74

Yea that way we can dominate any math problem

Answer 75

like this one t=t/sqr((1-(c^2/v^2))

Answer 76

can't believe people live without understanding science

Answer 77

dumb parents and teachers teaching kids what to do without knowing anything about how life works, and some of us thinking about stupid things or gettting into bad habit with no science. Like psychology is pseudoscience

Answer 78

ikr

Answer 79

yeah sometimes I feel not so justified in any of my decisions including being here without knowing the mathematical train of actions that would most work for the task to be completed. Who knows, if one can quantify a phenomenon then he should be able to quantify thoughts and mental peculiarities people come across... merely an imbalance/ misapplication of numbers and time itself....

Answer 80

Ever thought about training to be a speaker lol cuz those words are great and they would go good in like an election

Answer 81

The only concern is my English teacher dismissed those words by saying "incomprehensible" and "superconvoluting"

Answer 82

Shame to overly standardized nature of modern education downsizing the use of English language....eh?

Answer 83

Yyea very

Answer 84

I also had this physics teacher who couldn't solve the pulley problem.

Answer 85

The one we just did?

Answer 86

It's the one where you use gravitational force counteracting the tension force, on one side, and former supporting the tension force on the other side, and where also the force of friction, static and kinetic energy all play into figuring out the newtons force present on one particular spot on the system.

Answer 87

That sounds awesome and a little tricky

Answer 88

Fg-Ft=Ft-Fg

Answer 89

Assuming that the objects are cancelling each other out

Answer 90

fudamentally Ft=Ft

Answer 91

Hey quick thing do you see a blue button to the right it says best response?

Answer 92

yeah

Answer 93

Click that if you think i helped enough on this question. its on every question you do to reward the person who helped you.

Answer 94

Thanks so much for your time man. Now let us be the harbingers of physics for the future:)

Answer 95

President be a physicist

Answer 96

That sounds like a great idea lol