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Gadget United States. Jan 26 2011 11:05. Posts 295 | | |
Ahmed has decided to go on a trip this summer and he will need money for travel expenses for May, June and July of this year. He will need the money at the end of each of these 3 months. He will borrow these monthly amounts from his savings account and then repay money into the account with monthly payments at the end of the following 9 months: August, September, October, November, December, January, February, March, and April. The account has an interest rate of 0.15% per month, compounded monthly. How much can he spend at the end of each of the 3 months of this summer vacation if he will deposit $538.99 per month for the following 9 months?
Assume that he will withdraw a uniform amount from this account at the end of May, June, and July (3 months) of this summer. He will then deposit $538.99 per month at the end of August, September, October, November, December, January, February, March, and April (9 months).
Can't get the right answer for this, I've tried everything. Any help would be great, thanks.
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joLin United States. Jan 26 2011 11:46. Posts 3818 | | |
whatve you tried so far? it should be pretty easy to calculate how much he'll have deposited/gained interested on over the course of the 9 months with a financial calculator. then just dividing that amount by 3.
i may be wrong i dunno. |
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inde Germany. Jan 26 2011 11:51. Posts 1298 | | |
at 0.15%, I'd say you can just ignore the interest. If this is a homework problem, oh well :> |
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Gadget United States. Jan 26 2011 12:16. Posts 295 | | |
yes its a homework problem. its .15% compounded monthly, that adds up. |
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Gadget United States. Jan 26 2011 12:28. Posts 295 | | |
finally got it on my last attempt |
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Rande Finland. Jan 26 2011 13:00. Posts 181 | | |
I think he can spend somewhere between 250-300$, he has to save some money for the next months aswell.
Cos if he runs out of $ nobody will borrow to a guy called Ahmed, nobody. |
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Ket  United Kingdom. Jan 26 2011 13:33. Posts 8665 | | |
in before 'ahmed should put it all on black' or 'bout tree fiddy' |
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lol i thought this was copypasta from one of those nigerian scam emails in the first sentence. |
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thumbz555 United States. Jan 26 2011 14:54. Posts 3281 | | |
Can anyone vouch for gadget, sounds like a SCAM  |
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| Light thinks it travels faster than anything but it is wrong. No matter how fast light travels, it finds that Darkness is always there first, waiting for it. | |
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Highcard Canada. Jan 27 2011 01:08. Posts 5428 | | |
| | On January 26 2011 11:28 Gadget wrote:
finally got it on my last attempt |
Why would you keep attempting AFTER you got the answer? |
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| I have learned from poker that being at the table is not a grind, the grind is living and poker is how I pass the time | |
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