SOLUTION: I am attempting to solve a finance annuity equation. n=10 i =.03 in the formula= 1-(1.03)^-10 /.03 the answer is 8.53020 I am doing something wrong in the order of operations an

Question 291122: I am attempting to solve a finance annuity equation. n=10 i =.03
in the formula= 1-(1.03)^-10 /.03 the answer is 8.53020 I am doing something wrong in the order of operations and cannot figure it out. I appreciate seeing the problem solutiion stepped. Thank you. the formula is 1-(1+i)^-n/i
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
Is the formula ? If so, then

Start with the given expression.

Plug in and

Add 1 to 0.03 to get 1.03

Rewrite as

Raise 1.03 to the 10th power to get 1.34391638 (which is approximate).

Divide 1 into 1.34391638 to get 0.744093915 (which is again approximate)

Subtract

Divide

So the answer is approximately 8.53020283 which means that (approximately).

Consequently, this means that (approximately) when and
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