Question

http://prntscr.com/hd5d5b

Answer 1

@Shadow

Answer 2

35000 x .04?

Answer 3

x 6

Answer 4

Do you know the formula for compound interest?

Answer 5

i haven't used it in a while

Answer 6

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

A = account balance
p = Principal/initial amount
r = interest rate
n = times compounded per year
t = time (in years)

Answer 7

Using the given information, can you input into our formula?

Answer 8

I need assistance because idk what is what here other than intrest and time in years

Answer 9

@Shadow

Answer 10

Sorry, was helping another user then they went offline ._.

Initial amount = $35,000
Rate = 4%
time = 6 years

Can you tell me the number of times that they compound in a year?

Answer 11

no im sorry i dont know what that means yet

Answer 12

Okay let's analyze our question.

After 6 years, what is the total amount of a compound interest investment of $35,000 at 4% interest, compounded quarterly?

Our period of time is given as six years. Therefore we know that t = time (in years) will be six.

Next it tells us that the investment is $35,000. This will be our principal, or initial amount. Also known as p.

Next they tell us our interest rate, which is 4%

Lastly, they say it is compounded quarterly. This means that they will compound four times in a year. n will be 4 (n = times compounded per year).

Answer 13

Other problems may say compounded monthly, as in such case n would be what number?

Answer 14

12?

Answer 15

sorry my pc crashed ;-;

Answer 16

Correct, so looking at our problem, we have identified our variables. Can you put our formula together?

Answer 17

A(6)=35000(1 + .04/48[or 24])^24 or 48

Answer 18

its not 48 its 72 sorry

Answer 19

How did you get 72?

Answer 20

12 months in a year = a compound 6 years

Answer 21

6 x 12 = 72

Answer 22

No so the question states that it is compounded quarterly, thus four times a year. I like to prepare people for the future, so that is why I brought up how other problems may say monthly, in which case you would put 12 instead of 4.

Answer 23

so its 24

Answer 24

So n is just 4, and for nt on the outside for our exponent, it is 4(6) = 24

Answer 25

I got a number that was close to C but i think i messed up in my math

Answer 26

You can show me your work and I can check it.

Answer 27

i used a calc

Answer 28

and got 47,680 something

Answer 29

i know it was 47,000 though

Answer 30

\[A(6) = 35,000(1 + \frac{ 0.04 }{ 4 })^{24} \]

Answer 31

PEMDAS?

Answer 32

Haha what?

Answer 33

parenthesis Exponents multiply divide addition subtraction

Answer 34

What about it?

Answer 35

do i use it

Answer 36

Yes, so Parentheses first, then exponent, then multiply

Answer 37

1.01

Answer 38

What? :)

Answer 39

1.01 x 1.01 x 1.01 x 1.01 x 1.01 x 1.01 x 1.01 x 1.01 x1.01 x 1.01 x 1.01 x 1.01 x 1.01 x 1.01 x 1.01 x 1.01 x 1.01 x 1.01 x 1.01 x 1.01 x 1.01 x 1.01 x 1.01 x 1.01

Answer 40

lol

Answer 41

1.26973464853

Answer 42

44440.7126985

Answer 43

i was right ;o

Answer 44

That is what I got as well :)