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Math Help - calculation problem

  1. #1
    Junior Member
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    calculation problem

    I'm trying to solve the following, but I'm doing something wrong in the calculations.

    PV = Pmt(1-(1 = i)^-n) / i


    497.98(1 - (1 + .06)-60)/ .06

    497.98(1 - ( - 58.94) / .06

    497.98(59.94) / .06

    497.98(999) ??
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  2. #2
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    Quote Originally Posted by hansfordmc View Post
    I'm trying to solve the following, but I'm doing something wrong in the calculations.

    PV = Pmt(1-(1 = i)^-n) / i

    497.98(1 - (1 + .06)-60)/ .06

    497.98(1 - ( - 58.94) / .06
    i don't know how you got this.


    497.98(59.94) / .06

    497.98(999) ??
    <br />
497.98\times\frac{1 - (1 + .06)^{-60}}{0.06}=8048.067769<br />
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  3. #3
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    I can't figure out how you got that answer. Would you please break down the calculations. I'm plugging -1.06 ^-60 in the calculator and getting 59.94
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  4. #4
    Senior Member Sambit's Avatar
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    1-(1+.06)^{-60}=1-(\frac{1}{1+.06})^{60}=1-\frac{1}{32.9876}=1-.03031=.9697 Do the rest.

    I'm plugging -1.06 ^-60 in the calculator and getting 59.94
    What calculator are you using? Do not use Window's default calculator in this purpose. Use a scientific calculator to calculate -1.06^-60 or simplify as shown.
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  5. #5
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    gotcha - thanks
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