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October 1st, 2007, 07:25 PM
| | Newbie | | Join Date: Oct 2007
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| |  Finance( present value, future value etc.)
*Use the "Finance key on your TI-83, or 84 to solve the following problem*
Ok I have a problem I have been working on for hours now, and I cannot seem to crack it despite the use of the application on my calculator it is not coming out right, please someone show me the steps on how to do this. it reads as so.....
A couple wants to buy a motorcycle in 4.5 years. What amount should they invest now at 5.16% interest compounded quarterly in oder to have a $4950 down payment for the motorcycle at the end of the 4.5 years.
I then have to list the numbers as so....
N=
I%=
PV=
PMT=
FV= |
October 1st, 2007, 10:32 PM
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Quote:
Originally Posted by Slopster  *Use the "Finance key on your TI-83, or 84 to solve the following problem*
Ok I have a problem I have been working on for hours now, and I cannot seem to crack it despite the use of the application on my calculator it is not coming out right, please someone show me the steps on how to do this. it reads as so.....
A couple wants to buy a motorcycle in 4.5 years. What amount should they invest now at 5.16% interest compounded quarterly in oder to have a $4950 down payment for the motorcycle at the end of the 4.5 years.
I then have to list the numbers as so....
N=
I%=
PV=
PMT=
FV= | well was urgent now I have to go to bed with no answer :/ |
October 12th, 2007, 01:22 PM
| | MHF Contributor | | Join Date: Aug 2007 Location: USA
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N = 4.5* 4 = 18 quarters
I% = 0.0516 / 4 = 0.0129 quarterly interest rate
PV = You'll have to solve for this. That is the question
PMT = $0
FV = $4950
You may wish to check your settings for "Beginning of Period" or "End of Period". I'm thinking you'll want "Beginning" on this one. |
October 12th, 2007, 04:23 PM
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| | tnaks
Thanks for the reply that is correct, too bad i needed it two weeks ago T_T.
But seriously thank you, that gives me some understanding for my final  | | Thread Tools | | | | Display Modes |  Linear Mode | 
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