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July 31, 2014

July 31, 2014

Posted by **Lydia** on Wednesday, October 12, 2011 at 12:52pm.

At the end of year 6, what is the balance in Lee’s account?

I have tried and I got $44691.78 but that is incorrect. I solved each part separately then added the what he deposited. PLEASE HELP ME!!

- Math -
**Steve**, Wednesday, October 12, 2011 at 1:58pmIt's not quite clear from the language, but it appears that after 3 years, an additional deposit was made, and then the current balance is left to draw 9% interest for two more years. If that's the case, then

to start: 16600

at the end of year 3, he has 16600*1.045^6 = 21617.52

Add 41600 = 63217.52

After two more years, 63217.52*1.045^4 = 75388.07

- Math -
**Steve**, Wednesday, October 12, 2011 at 2:00pmOops. That just takes us 5 years.

63217.52*1.045^6 = 82325.66

- Math -
**Reiny**, Wednesday, October 12, 2011 at 4:50pmMake a time graph to see how the periods work

amount = 16600(1.045)^12 + 41600(1.045)^6

= 82 325.65

- Math -
**Lydia**, Saturday, October 15, 2011 at 9:08amThannk you both of you but both answers are incorrect. I can input the answer to see if it is right and both are wrong. We are all missing something. If anyone else wants to try please do!!!

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