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Math Help - What to do with this geometric problem

  1. #1
    Member
    Joined
    Mar 2010
    Posts
    133

    Exclamation What to do with this geometric problem




    Please help me with a) and b). I have tried everything but cannot get the answer $12,351.86 for a). What formula do we use to solve for a)? Please help me on this.
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  2. #2
    Junior Member
    Joined
    May 2010
    Posts
    27
    (a)

    I guess there is a more pretty way to write this?

    The algorithm below does what it says in the question. You put 500$ a month, next time you put money it has passed a month, the account change, so you update the account with the compounded interest before you add the 500.
    the time(t)=1/12, and r=0.03

    ...repeat for all the months.

    formula:
    f(t) = Pe^tr
    Continuously Compounded Interest Formula and Calculator

    algorithm:
    Code:
    var months = 24;
    var rate = 0.03;
    var deposite = 500;
    var account = 500;
    
    i=1;
    while(i<months)
    {
    	account = account*(Math.pow(Math.E,((1/12)*rate)));
    	account +=deposite;
    	trace(account);
    	i++;
    }
    Code:
    1001.2515638028976
    1503.7578242325983
    2007.5219219548653
    2512.5470054969496
    3018.836231267267
    3526.392763575127
    4035.219774650508
    4545.3204446638865
    5056.69796174611
    5569.355522008325
    6083.296329561952
    6598.523596538711
    7115.040543110698
    7632.85039751051
    8151.956396051423
    8672.361783147619
    9194.069811334459
    9717.083741288818
    10241.40684184946
    10767.042390037474
    11293.993671076743
    11822.263978414492
    12351.85661374186
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