Friday

December 19, 2014

December 19, 2014

Posted by **Alicia** on Monday, January 17, 2011 at 6:26pm.

n = 12 x 5 = 60

R = 100

I = 0.06/12 = 0.005

I know the answer is:

n = 12 x 5 = 60

R = 100

I = 0.06/12 = 0.005

= 100 ([1.005]^60 - 1)/.005

= 6977.00

But I have to draw a line diagram and I keep getting the following answers... I don't understand what i'm doing wrong. Can somebody please explain to me?

Time

(Years) Amount of money at the beginning of the year Interest for the year New amount of money by the end of the year

1 n/a n/a 1200$

2 1200$ 1200[0.6][12] = 86.40 1286.40$

3 1286.40$ 1286.40[0.6][12] = 92.62 1379.02$

4 1379.02$ 1379.02[0.6][12] = 99.29 1478.31$

5 1478.31$ 1478.31[0.6][12] = 106.44 1584.75$

**Answer this Question**

**Related Questions**

Math - Jeremy is in Grade 8. He has a paper route and wants to save for his ...

MathHH - Is this answer correct? Jeremy is in Grade 8. He has a paper route and ...

Algebra - You earn $250 per month from your part-time job. You are in a kayaking...

Algebra - Monthly Budget: You earn $250 per month from your part-time job. You ...

Algebra - After one month at a new job you decide to save $50. Each month you ...

Algebra 2 - After one month at a new job you decide to save $50. Each month you ...

Math: - Fred’s net monthly income is $3933.12 Rental: $700 Car Payment: $363.75...

MATH FINANCE - Mr. Smith wants to save for his son’s college education. If he ...

math - how do i solve for this question? Mr. Smith wants to save for his son's ...

math - Xuan saved $5340 in 3 years. If he saved $95 per month in the first year ...