Question 144608This question is from textbook Mathematics All Around
: Using a calculator. TI-83Plus.
Okay i have had a brain lapse and this is a dumb question but I cannot get the same answers that i did previously had using the same calculator(TI-83 Plus) with the same problem's. I am not calculator savy and this was several chapters back. So I am in a review process for the final.
Plugging in the same numbers into my calculator i do not even come close to answers I had on the problems. Yikes Can someone help me understand what i am now doing wrong?
I've entered them numerous ways and still do not come even close witih the answers that were marked correct on the chapter test.
The problem:
Solve using the formula for the future value of the annuity at the end of the incidicted time period. The amount, frequency of deposits, annual interest, and the time period are given. amount: $200:quarterly: 8%; 9 years. Here is the formula with correct answer of 10,398.87 which was graded on test.
r/n= .08/4 = 4*9=36
Here is how i have it written out on my paper.
A=200 (( 1 + .08/12)^36 -1 /.08/12) = 10,398.87
What am i doing wrong or is my calculator on the fritz?
I entered
200 Parenthesis, Parenthesis 1 + 0.08 parenthesis ^ 36 divided by 12 divided by .08 divided by 12 -1 parenthesis. and I get 77.22520552. Which is no where near 10,398.87. I must have done something different or was it just luck?
Please help me because none of my answers i am calculating today are coming up correct using the (( signs.
If you can help I would extremely be grateful. Thank you.
This question is from textbook Mathematics All Around
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! The problem:
Solve using the formula for the future value of the annuity at the end of the incidicted time period. The amount, frequency of deposits, annual interest, and the time period are given. amount: $200:quarterly: 8%; 9 years. Here is the formula with correct answer of 10,398.87 which was graded on test.
r/n= .08/4 ; 4*9=36
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A=200 [( 1 +( 0.08/4))^36 -1] /(0.08/4) = 10,398.87
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Cheers,
Stan H.
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