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August 22, 2014

Homework Help: math 20 (finance)Please help

Posted by Sandi on Monday, November 15, 2010 at 1:18pm.

At the end of each month, Jacob puts $400 into an account that pays 6%, compounded semi-annually. Use your graphing calculator to determine how much Jacob will have after 25 years? Show how you obtained your answer by filling in the following as if it was the calculator display.
This is how I filled the TVM Solver on my TI83plus. However I was told it is wrong. I also figured it out using the formula A=P(1+I)^n so A= 400(1+0.03)^50 =$1753.56 As you can see I have different results and I'm extremely confused. What am I doing wrong in filling in the TVM Solver

N=50
I%=6
PV=0
PMT=-400
FV=?answer I got 22622.76185
P/Y=12
C/Y=2
PMT:END BEGIN

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