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Math help (1 Viewer)
- Thread starter Gilroy34
- Start date
bostonfred
Footballguy
lol
bostonfred
Footballguy
Ilov80s
Footballguy
The formula for compound interest is
Final amount= Principal(1+ rate/number of times calculated) raised to the power of the rate times the number of times its calculated per period. Just google the compound interest formula to see it.
So if it’s calculated monthly, n=12 and if is 10 years than that is t. The final amount is 14,000. R= 0.08
So you do the (1+.0.08/12)^12*10 part and then divide it away on both sides to isolate P. Not sure if you follow that but the answer should be around $1290 if you did right.
Final amount= Principal(1+ rate/number of times calculated) raised to the power of the rate times the number of times its calculated per period. Just google the compound interest formula to see it.
So if it’s calculated monthly, n=12 and if is 10 years than that is t. The final amount is 14,000. R= 0.08
So you do the (1+.0.08/12)^12*10 part and then divide it away on both sides to isolate P. Not sure if you follow that but the answer should be around $1290 if you did right.
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popeye
Footballguy
DA RAIDERS
Footballguy
It's been a long time since some of us were in 9th grade Algebra :(9th grade algebra? my final is tomorrow.
Welcome to virtual education. Lockdown browsers don't prevent cheating, cameras do, but I don't think they're used much except on "serious" tests. Like Popeye says, teamwork skills.This feels like cheating
DA RAIDERS
Footballguy
you ain't lying. early 80's for me. relearning it, was not something i had in mind, for this year. talk about some useless info.
tri-man 47
Footballguy
#2 - Rule of 72. Funds will roughly double when the annual rate x number of years = 72. So 10 years? A little over 7%.
Ilov80s
Footballguy
It’s entirely an exercise in following steps, paying attention to details and using logic.you ain't lying. early 80's for me. relearning it, was not something i had in mind, for this year. talk about some useless info.
DA RAIDERS
Footballguy
nobody likes math.
not knowing the steps, makes them difficult to follow.
and getting a 14 year old, to pay attention and use logic, is currently one of my main goals in life.
Ilov80s
Footballguy
Yeah that’s the battle in algebra and what I tell the kids all the time. It’s mental exercise. I liken it to football. Do the players bench press and jump through tires because they think the other team will put tires on the field or because a ref might ask them to bench 150 pounds before they count a TD? Of course not but it’s physical exercise to build strength and agility. Algebra is mental exercise to build mental strength and agility, focus, etc.nobody likes math.
not knowing the steps, makes them difficult to follow.
and getting a 14 year old, to pay attention and use logic, is currently one of my main goals in life.
Punxsutawney Phil
Footballguy
Kids gonna be putting out fishbowls soon. Anyone need a new wealth manager?
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Ministry of Pain
Footballguy
Did someone say Math?
BroncoFreak_2K3
sucker for Orange
I was told there would be no math
DA RAIDERS
Footballguy
final should have been called graphing 101. awful. so useless in real life.
Ilov80s
Footballguy
Yes and no. Depends what one plans on doing in life. It definitely sorts out people based on some pretty basic skills. Its also a training guide to thinking logically.
DA RAIDERS
Footballguy
meh. knowing slope intercept and what not, is a pretty narrow field. and in 9th grade, there's not of lot of clarity on what to do in life.
i get the logical thinking part.
Ilov80s
Footballguy
Yeah but it’s the basic entry into higher maths and if it’s a challenge, one can comfortably rule out careers that require high level maths. For many kids it just comes easy and they can keep challenging themselves to see how complex of stuff they can handle. Their is obviously a lot of career opportunity for people who are really adept at higher level math, coding, statistics, etc. which are all connected.
Mister CIA
Footballguy
I'm gonna need a price check on this. You're saying $1,290 would grow to $14,000 after 10 years at 8٪?Ilov80s said:
Using i used the same rule of 72 as mentioned by Tri-Man and only a napkin, I came up with an initial principle of about $6.5K. ... 72/8 = 9 years to double, so after one year the new amount should be about 7K ... so work back one year from that.
Sincerely,
Beer 1.5
Mister CIA
Footballguy
Ilov80s
Footballguy
Yep i did that in my head while multi tasking and clearly got wires crossed somewhere. It honestly may have been the answer another problem I was doing. I think I was helping 2 different kids with 2 different math classes while answering that question waiting on them to worm things out. It’s obviously a lot more than 1200. Don’t even need to calculate that. I think it’s closer $6500 though.
thanks,
2 bourbons
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