Math ISU pt 2

Math ISU pt 2
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  • Dana started off with $117.37 in her bank account and deposited then $400 per month every month for a year. With 4% interest compounded monthly, find the balance of her account at the end of the year.
  • This was the other question I was having trouble with.
  • Can you show me the work you've done so far?
  • R = 400    i = 0.003    n = 12                FV = 4888.99FV = 400[(1.003)12- 1] ÷ 0.003               
  • The answer that I got for this question doesn't match the answers either.
  • R = 400    i = 0.003    n = 12                FV = 4888.99FV = 400[(1.003)12- 1] ÷ 0.003               
  • Did I?
  • I think it might be because you forgot a part of the question
  • R = 400    i = 0.003    n = 12       t0 = 117.37FV = [400[(1.003)12- 1] ÷ 0.003] + 117.37(1.003)12               
  • You need to remember that she started off with $117.37 in her account already. So you need to add it to your amount.
  • R = 400    i = 0.003    n = 12     t0=117.37FV = [400[(1.003)12- 1] ÷ 0.003] + 117.37(1.003)12FV = 4888.99 + 122.15FV = 5011.14           
  • Because it was already in the account, you also need to calculate the interest compounded to the starting amount.
  • R = 400    i = 0.003    n = 12     t0=117.37FV = [400[(1.003)12- 1] ÷ 0.003] + 117.37(1.003)12FV = 4888.99 + 122.15FV = 5011.14           
  • So you need to remember that Sn is not the same as tn and to add the initial amount with interest to the amount you're finding.
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