Question

?

Answer 1

the general formula for interest problems is

final amount = initial amount(1+interest rate)^number of years (for annual compounding)

try and plug the numbers from the problem into the equation, making sure to convert interest rate to a decimal first

Answer 2

35000(1+0.06)^16

Answer 3

88912.31

Answer 4

actually I realized they want the sum not the final amount hold on

Answer 5

so a is the initial amount, r is the ratio (1 + 0.06)

find Sn

Answer 6

n is the number of years, so n = 16

Answer 7

(35000((1+0.06^(16))-1))/(((1+0.06)-1))

Answer 8

almost, (1+0.06)^(16)

Answer 9

I would suggest breaking it down into steps instead of entering the whole thing at once

Answer 10

(35000((1+0.06)^(16))-1))/(((1+0.06)-1))

Answer 11

good (try entering that and see if our values match up)

Answer 12

1481855

Answer 13

let's try writing it simpler so the calculator doesn't get muddled up

1 + 0.06 can just be simplified to 1.06

35000(1.06^16 - 1)/(1.06-1) ->

Answer 14

898538

Answer 15

good

Answer 16

would there be cents with that

Answer 17

it says to round to the nearest dollar so no

Answer 18

okay