Math Adv Finance Question Help (1 Viewer)

[Serenawilder]

How do you solve part iv? I think I’ve been studying for too long, and my brain is all over the place — I’m so confused . I’ve also included the answers for the first three parts.

 

[coolcat6778]

How do you solve part iv? I think I’ve been studying for too long, and my brain is all over the place — I’m so confused . I’ve also included the answers for the first three parts.
View attachment 45064View attachment 45065View attachment 45066View attachment 45067

how do you type "—" I thought that's how you tell something is written by chatgpt

 

[AWM]

oops
I think it would be something like this?

 

[yourlocaliga]

i havent done it but just looking at it id assume u
1. calculate the total amount after the 5 months of contributions
2. make a new geometric series using the new contribution amount
3. solve for the An = 60000 to find at which time period he pays off the 60000. This number will be a decimal, you round down the decimal to find the amount of time periods he can make FULL contributions, and then plug that into the formula to find the amount
4. As the amount is compounded at the end of the month, after he makes a contribution, you must compound this amount one more time before he can make his final repayment
5. subtract this from his goal of 6000 and this is the total payment he has to make

(i think idk tho)

 

[finlay dean]

oops
I think it would be something like this?

in your answer do you take into account that the 2478.16 is also earning interest

i got $415 but i think i got something wrong at some point

 

[AWM]

in your answer do you take into account that the 2478.16 is also earning interest

i got $415 but i think i got something wrong at some point

wait...I didn't

 

[Serenawilder]

how do you type "—" I thought that's how you tell something is written by chatgpt

You do the option dash (–) then dash by itself (-) so —. I use it all the time on docs because it’s a perfect length.

 

[Serenawilder]

oops
I think it would be something like this?

This is what my teacher did…

 

[Serenawilder]

i havent done it but just looking at it id assume u
1. calculate the total amount after the 5 months of contributions
2. make a new geometric series using the new contribution amount
3. solve for the An = 60000 to find at which time period he pays off the 60000. This number will be a decimal, you round down the decimal to find the amount of time periods he can make FULL contributions, and then plug that into the formula to find the amount
4. As the amount is compounded at the end of the month, after he makes a contribution, you must compound this amount one more time before he can make his final repayment
5. subtract this from his goal of 6000 and this is the total payment he has to make

(i think idk tho)

Yes you ended up being correct .