Posted by **Thara!** on Saturday, March 20, 2010 at 4:37pm.

Rebecka borrowed $3500, 5000, 3500,& 4500 from her dad on September 1 of each of four successive years for college expenses. Rebecka and her dad agreed to a loan at the rate of 8.75% compounded quarterly. If it is now 2 years from the last day that she borrowed money, how much woruld Rebecka owe?

The correct answer is $22,352.25

but i got the wrong answer, and the formula for this question is

FV=PV(1+i/4)^4*n

- Math! -
**Thara!**, Saturday, March 20, 2010 at 4:44pm
FV=3500(1+.021875/4)^4*8 i=j/m

=4167.37 =8.75%/4

=0.021875

FV=5000(1+.021875/4)^4*8

=553.40 n= mt

=(4)(2)

FV=3500(1+.021875/4)^4*8 = 8

=4167.37

FV=4500(1+.021875/4)^4*8

=5358.05

then i sum all up and i get $19,646.19 and the answer should be $22,352.25

- Math! -
**Thara!**, Saturday, March 20, 2010 at 4:44pm
oh the answer is posted got mixed up!!! :-S

- Math! -
**Thara!**, Saturday, March 20, 2010 at 4:47pm
i=j/m

=8.75%/4

=0.021875

n= mt

=(4)(2)

= 8

FV=3500(1+.021875/4)^4*8

=4167.37

FV=5000(1+.021875/4)^4*8

=5953.40

FV=3500(1+.021875/4)^4*8

=4167.37

FV=4500(1+.021875/4)^4*8

=5358.05

then i sum all up and i get $19,646.19 and the answer should be $22,352.25

!!!

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