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  Discussion about math, puzzles, games and fun.   Useful symbols: √ ∞ ≠ ≤ ≥ ≈ ⇒ ∈ Δ θ ∴ ∑ ∫ π -

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Topic review (newest first)

bobbym
2013-02-21 00:53:19

Hi vatso;

You are welcome and welcome to the forum.

vatso
2013-02-21 00:38:59

Thank you Bobbym!!!!!! Really appreciated it!!!

bobbym
2013-02-20 14:12:02

Hi vatso;

Simplest way is to form the recurrence



with a(0) = 150. Then you just run the recurrence forward for 39 months. Answer is 182.20809 which when rounded is 182.21

From the recurrence you can also get a formula:




Question 3) is done the same way.

vatso
2013-02-20 07:40:47

1) What is the accumulated value of $150 invested for three years and three months when the rate of interest is 0.5% per month? The right answer is $182.21. How to you get to that figure?

2) $100 invested for two years at an interest rate of 2% per quarter. What is the difference between the compound and simple interest earned on this investment? The correct answer is $1.17. How you get this value?

3) What is the future value of 100 invested at 1% per month for five years? The correct answer is $181.67. How do you get that value?
Again, thank you in advance!!!!

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