How do you solve the formula a=350[(1+0.0279/12)^12(4) -1] / 0.0279/12 (1+ 0.0279/12)^48. Showing all the steps and where you rounded.
1. First, simplify the expression inside the brackets:
(1+0.0279/12)^12(4) = (1+0.002325)^48 = (1.002325)^48
2. Calculate (1.002325)^48 using a calculator:
(1.002325)^48 = 1.127951
3. Substitute the value back into the original formula:
a = 350 * [1.127951 -1] / 0.0279/12 * (1+0.0279/12)^48
4. Simplify:
a = 350 * [0.127951] / 0.002325 * (1.127951)
5. Calculate the numerator:
350 * 0.127951 = 44.78285
6. Calculate the denominator:
0.002325 * (1.127951) = 0.002618
7. Divide the numerator by the denominator:
44.78285 / 0.002618 = 17133.613
8. Round the final answer to the nearest whole number:
a ≈ 17134
Therefore, the solution to the formula is a = 17134.