Math!

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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! -

    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! -

    oh the answer is posted got mixed up!!! :-S

  • Math! -

    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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