Question

Please help!!!

Answer 1

http://prntscr.com/b2mqd6

Answer 2

well 10 yeaars=120 months and 500x50=25000

Answer 3

so instead of u saying ten years change it to 120 months

Answer 4

Darn, doing my method gives an answer that is close to the 3rd or 4th answer, but no bueno so far.

Answer 5

Tt that may be true, but it's not compounding that way

Answer 6

You still need help with this? Let me look up the formula... :)

Answer 7

\[A=P(1+\frac{ r }{ n })^{nt}\]

Answer 8

its that one formula

r = % /100

hmm i think itll be something like this

500= .........

Answer 9

P is initial deposit, r is annual rate of interest, n is number of times interest is compounded per year, and t is length of time the money is in the bank! Does that help you? Do you need me to walk you through it?

Answer 10

He started with 500, but after that it's a different constant rate, which is confusing me.

Answer 11

Ah, I see it. Give me a mo

Answer 12

\[PMT \times(\frac{ (1+r)^{nt-1} }{ rn })\]

Answer 13

A is equal to the addition of these two equations!

Let's do it together. There's a lot.

Answer 14

what is pmt?

Answer 15

Whoa, hold on: one mistake in my formula:

\[PMT \times(\frac{ (1+r)^{nt}-1 }{ rn})\]

Answer 16

PMT is the monthly payment, which is 50. Correct?

Answer 17

Right

Answer 18

and r should be 0.0095, right?

Answer 19

Right, I accidentally did 0.0098 haha

Answer 20

:)

Answer 21

Okay, so let's right out our formula!

Answer 22

(1.0095)^10 - 1)
50 x ( -------------- )
0.0095

Answer 23

But what about the added 500 he used to opened the account?

Answer 24

That's in the first part of this equation, but lets take this part first. Remember, the n is different for this part, he adds 50 every month, so n is 12, giving us

((1.0095)^(12*10))-1
50 x ( ------------------)
0.0095
(---)
12

Answer 25

((1.0095)^(12*10))-1
50 x ( ------------------)
.00079167

Answer 26

Would it also work as 600 per year ? (Where n = 1)

Answer 27

True, we could do it that way if you want, since it is compounded annually anyway!

Answer 28

What do you get when you use 600?

Answer 29

600 x (((1.0095)^10) - 1)/0.0095

Answer 30

You doing alright?

Answer 31

6263.11 ?

Answer 32

That's exactly what I got, but don't to the hundredths place, because that's what our answers are given in, instead round to the thousandths place: 6263.107 so that you'll get the exact answer! Great job though!! Now, we shall continue to the second part of this equation...

Answer 33

The original part, with the P(1+r/n)^nt

Answer 34

What do I do for it?

Answer 35

Plug in the rest of your values! P=500, r=0.0095, n=1, and t=10. Solve it and let me know what you get. I'll show you where we go next! :)

Answer 36

549.58?

Answer 37

and what's the thousandths decimal value?

Answer 38

2

Answer 39

So is the answer C ?

Answer 40

Yes!! Exactly. Isn't that awesome! Great job, man.

Answer 41

Thank you SO MUCH. You are a lifesaver!!!

Answer 42

Hey, no problem. I'll see you around. :)