# Math ISU pt 2

More Options: Make a Folding Card

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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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