Question 27 C) (1 Viewer)

[Terra_Niux]

Was this an annuities question using the future value formula? I really didn't know but thats what I used and I said he exceeded by I think it was roughly $300, how'd everybody else go?

 

[Dynamix]

yeah, about $300, i can remember the question exactly but it worked out like that.

 

[matty_boi17]

Yeah I used the future value of an annuity formula...

200{(1+0.5/100)^48-1} / 0.5/100

= $10 819

So, Sanjeez WILL reach his goal and exceed it by $319.57

 

[Skeeta]

exactly what i got

i got scared halfway through this question and did it as compound interest but i got some silly answer so i did it again using the future value formula n yeh that was i got. .exceed by $319

 

[Stilla]

Medals and cookies for everybody.

 

[bektarte]

yea he earnt 10 819.60 so had 319.60 excess