Can someone show me the steps how to do this problem?

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Can someone show me the steps how to do this problem? My sister is working on it and doesn't know where to start or how to get an answer.

A person wishes to have $15,000 cash for a new car 5 years from now. How much should be placed in an account now if the account pays 9.75% compound weekly? Compute the answer to the nearest dollar.
 
adam40g said:
Can someone show me the steps how to do this problem? My sister is working on it and doesn't know where to start or how to get an answer.

A person wishes to have $15,000 cash for a new car 5 years from now. How much should be placed in an account now if the account pays 9.75% compound weekly? Compute the answer to the nearest dollar.

i = 0.0975
i<sub>(52)</sub> = 0.0975/52 = 0.001875
n/weeks = 5 years * (52 weeks / year)/weeks = 260
D = Initial Deposit
D*(1+i<sub>(52)</sub>)<sup>260</sup> = 15000
D*(1.001875)<sup>260</sup> = 15000

Can you solve for D?

Edit: 52's Repaired
 
I'm showing my sister how to do it. I can have her solve for D. WHat is the correct answer so I know if she is doing it right and h ow to explain it if she isn't.
 
Hey TK, you may be confusing him with i^52; should be i/52, right?
 
Does your sister not have fingers to type the problems herself, so we can see, in her own words, exactly where she is stuck?
 
I'm just tired of these users who will say anything to get a quick answer without doing any work first. Wasn't like that when I was in school. Back then, there was no internet with tutors at your fingertips. Guess I just can't understand this. In the future, I will keep my rants to myself and not even bother posting. I see some of these people for what they really are and I don't like the abuse of the system. I put too much time in my studies to let someone get a free ride.
 
adam40g said:
Can someone show me the steps how to do this problem? My sister is working on it and doesn't know where to start or how to get an answer.
A person wishes to have $15,000 cash for a new car 5 years from now. How much should be placed in an account now if the account pays 9.75% compound weekly? Compute the answer to the nearest dollar.
Why is everyone so mean here; this person has NO history of trying to get homework done.

"happy the distinguished" says:
1: "In the future, I will keep my rants to myself and not even bother posting.
2: I see some of these people for what they really are and I don't like the abuse of the system.
3: I put too much time in my studies to let someone get a free ride."

1: good idea!
2: so do we, BUT we wait to "see"; you ASSUME right away.
3: in other words: "because I suffered, EVERYBODY must suffer"

Adam, formula is:
P = F / (1 + i)^n , where:
P = Present value ( ? )
F = Future value (15000)
i = interest each period (.0975 / 52 = .001875)
n = number of periods ( 5 * 52 = 260)

P = 15000 / (1 + .001875)^260
P = 15000 / 1.001875^260 : you need a calculator for this!
P = 15000 / 1.627497~
P = 9216.60

In other words, a deposit of $9,216.60 in an account paying 9.75% compounded
weekly will accumulate to $15,000 over 5 years.
 
Thanks Denis! I really appreciate your help! I will work with Amy and see if she understands it. I apprecaite all of you who have stuck up for me. I will not visit this site again because I feel my questions are unwanted. I just wanted to help my sister. Thanks again for those of you who were kind and tried to help.

Best wishes,

Adam
 
Denis said:
Hey TK, you may be confusing him with i^52; should be i/52, right?
Ah! I agree that it was confusing. I really meant only to differentiate the annual interest from the weekly interest.

"i" is annual.
"i<sub>(52)</sub>" is weekly.

Corrected in original post.
 
adam40g said:
I appreciate all of you who have stuck up for me. I will not visit this site again because I feel my questions are unwanted. Thanks again for those of you who were kind and tried to help.
There is just no need for any of this. Meanness is neither intended nor implied. It is very difficult to portray the big smiles on our faces, smiles that live there because we want to help and very likely have considerable experience doing so.

No one needs to be "stuck up for" since there was no confrontation. Please don;t assume that there is. There isn't :) :)

You may visit as you wish. You will be treated with respect, just like you were this time until you decided it was hostile. Get rid of the hostile assumption and all will be well. :) :)

Anyone contributing useful information on the forum is being kind and is trying to help. Everyone has a little different style. I may have the record for people THINKING I am being hostile when that simply is not ever the case. :) :)

So, let's all relax and get back to math, eh? :) :)

Note: I am a little curious why your sister isn't out here, herself. It is hard enough to assess the needs of a student. It is harder still to assess your needs as a conduit to an entirely unknown student. Sure, we can work problems until the cows come home, but that really isn't the purpose, here. Generally we like to have some sort of clue that something useful has occured. Give a little more information. Respond to questions at face value, without assuming hostility. Learning OFTEN fails to take place in the absence of at least a small challenge. Don't be offended if you receive a small challenge.
 
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