SOLUTION: Hello. Although I have a book to look at, the examples provided are not the same as the practice exercises I need help with. Being out of high school 30 years now does not help m

Algebra ->  Linear-equations -> SOLUTION: Hello. Although I have a book to look at, the examples provided are not the same as the practice exercises I need help with. Being out of high school 30 years now does not help m      Log On


   

Question 939981: Hello. Although I have a book to look at, the examples provided are not the same as the practice exercises I need help with. Being out of high school 30 years now does not help me much. I am using the Present Value Formula, P=A(1+r)-n (-n is exponent). I need step by step details to more fully understand how to work these problems. I'm trying to figure out how to compute how much money I need to start with to achieve the desired monetary goal. The property is worth $8,000 and the Interest is 6%. Below is as far as I got. I appreciate your assistance. Thank you.
n=10, A= 8,000, and r=0.06.
P=8000 (1+0.06)-10 (-10 is exponent)
P=8,000(1.06)-10 (-10 is exponent)
P=848

Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
P=8000(1.06)^-10
P=8000(0.558395)
P=4467.16
Does that help?
I don't think you followed the order of operations correctly.