SOLUTION: I am working on trying to write an equation for 2 different certificates of deposit starting with $5000.00 in each. The first is 2 years @ 1.410% APY
The second is 5 years @ 3.04%
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-> SOLUTION: I am working on trying to write an equation for 2 different certificates of deposit starting with $5000.00 in each. The first is 2 years @ 1.410% APY
The second is 5 years @ 3.04%
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Question 819899: I am working on trying to write an equation for 2 different certificates of deposit starting with $5000.00 in each. The first is 2 years @ 1.410% APY
The second is 5 years @ 3.04% APY. The two equations that I came up with are
F(X)= 5000(1.410)^2x
F(X)= 5000(3.040)^5x
They don't seem to work Answer by jsmallt9(3758) (Show Source):
First of all, never use percents in an equation. Use the decimal or fraction equivalent for the percent instead. So the equations should have 0.01410 (for 1.0410%) and 0.03040 (for 3.040%) in them instead of the percent numbers.
Second, the expression in the parentheses should be: (1 + percent-as-a-decimal) for exponential growth or (1 - percent-as-a-decimal). So the expressions in the parentheses in your functions should be:
(1 + 0.01410) or (1.01410)
and
(1 + 0.03040) or (1.03040)
(