I'm having math troubles.?

Question

The formula for calculating the amount of money returned for an initial deposit money into a bank account or CD (Certificate of Deposit) is given by

A= P(1+r/n)^nt

A is the amount of returned.
P is the principal amount initially deposited.
r is the annual interest rate (expressed as a decimal).
n is the compound period.
t is the number of years.

Carry all calculations to 6 decimals on all assignments then round the answer to the nearest cent.

Suppose you deposit $10,000 for 2 years at a rate of 10%.

And it's asking to find A and I tried it and i got like 121 million or something.. which I know isnt right. What am I doing wrong?

Sorry, it's being compounded anually

Answer 1

I came up with 10,098 using your values. make sure you're raising the value in the parethases prior to multiplying P.

Should be

A= 10,000 (1+ 0.10/2)^(2*0.10)= 10,098

Answer 2

Well, first is the interest compounded annually,
quarterly, or what? It does make a difference in
the answer!
Let's assume interest is compounded annually.
Then
A = 10000(1 + 0.1)^2.
A = 10000(1.21) = 12100.
I would make a guess that you didn't square
the 1.1 before you multiplied by 10000.
Also, the 10000 is outside the brackets.

Answer 3

so that you're declaring your reduce as time --> infinity = Calculus 2? (Haha, i could not withstand) rather a lot all math will be discovered (quite calculus) in case you purely put in adequate study time. So basically basically be particular you practice (even over-practice) for next time. although if meaning doing each and every question contained in the e book for each of the sections you coated (possibly it is a touch intense, yet you get the point). both way, one undesirable attempt can not damage each and everything.

Answer 4

Okay so. The compound period is annually, right?
So your equation would look like:

A=10,000(1+0.1 / 2) ^1(2)

PEMDAS says to divide the 0.1 first.
Multiply the exponent also.

A=10,000(1+0.01)^2

Add the parenthesis!

A=10,000(1.01)^2

Square 1.01.

A=10,000(1.0201)

Multiply!

A=$10,201

Subtract the original amount of $10,000!

A=$10,201
-10,000

A=$201


.. AM I RIGHT?!

Answer 5

Make sure when you enter r you are using .1 instead of 10. 10 percent is .1 in decimal form.

Edit: I also got 10,098.051977

Answer 6

A=10000(1+10/100)^2
=10000*1.1^2
10000*1.21
=12100 dollars.Perhaps, you did not divide r by 100*%.

Answer 7

p=10,000
r=.1
t=2

and you cant get the answer until you find a number for n..