Math Isu

Math Isu
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  • Hey, Mrs. Leonard, I'm having some trouble with two of the math problems.
  • Why don't you write it on the board?
  • The amount you deposit each year in an annuity in the second year will be $218.29 with 5% interest compounded annually after 18 years. The total balance in the account after 18 years is $2813.24, Find the amount of interest made in the final year.
  • Can you show me what you've done so far?
  • First I found the amount you deposit each year. Then I took that amount and subtracted it from the amount in the last year and found the interest. But my answer doesn't match the answer given.
  • t18= 2813.24      t2= 218.29          n = 16   I = 0.05218.29 = P(1.05)16            I = 2813.24 - 100P = 100                                I = 2713.24
  • t18= 2813.24      t2= 218.29          n = 16   I = 0.05218.29 = P(1.05)16            I = 2813.24 - 100P = 100                                I = 2713.24
  • Wait, t18 isn't the same as S18?
  • I think you went wrong with your t18 value. I think you confused t18 for S18.
  • S18= 2813.24      t2= 218.29          n = 16   I = 0.05218.29 = P(1.05)16     A = 100(1.05)1        I = 105 - 100P = 100                        A = 105                    I = 5
  • The t18 that you used was actually the the total of the 18 years. Calculating the P value is correct but then you have to find out how much money was made in the last year. The n value is only 1 because there is only 1 year of gaining interest.
  • S18= 2813.24      t2= 218.29          n = 16   I = 0.05218.29 = P(1.05)16     A = 100(1.05)1        I = 105 - 100P = 100                        A = 105                    I = 5
  • After that you subtract your P value from the amount in the final year to find the interest made.
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