Finance Help....

[2forISU]

Looking for a little help...I got the answeres in Excel but I need to setup it the way the teacher wants to see it. The question is below.

Teacher wants it setup the way below and wants us to use a Finace calculator...
N I/Y PV PMT FV
? ? ? ? ?

I did it this way...
How much will $1,500 grow to in 9 years earning an annual rate 9% yet using monthly compounding? What about 22 years?
A= P(1+ r/q)qt ...where "A" is the future amount, "P" is the beginning amount (or "principal"), "r" is the interest rate (expressed as a decimal), "q" is the number of compoundings a year, and "t" is the total number of yearsAns.A= 1500(1+.09/12)12*9=1500*2.241124$3,361.69in 9 yearsA= 1500(1+.09/12)12*22=1500*7.18943$10,784.15in 22 years

[cjb1978]

Looking for a little help...I got the answeres in Excel but I need to setup it the way the teacher wants to see it. The question is below.

Teacher wants it setup the way below and wants us to use a Finace calculator...
N I/Y PV PMT FV
? ? ? ? ?

I did it this way...
How much will $1,500 grow to in 9 years earning an annual rate 9% yet using monthly compounding? What about 22 years?
A= P(1+ r/q)qt ...where "A" is the future amount, "P" is the beginning amount (or "principal"), "r" is the interest rate (expressed as a decimal), "q" is the number of compoundings a year, and "t" is the total number of yearsAns.A= 1500(1+.09/12)12*9=1500*2.241124$3,361.69in 9 yearsA= 1500(1+.09/12)12*22=1500*7.18943$10,784.15in 22 years

Let me Google that for you:

How To Calculate Compound Interest in Excel | Excel Formula

This is what you need to do.

[2forISU]

Let me Google that for you:

How To Calculate Compound Interest in Excel | Excel Formula

This is what you need to do.

I know how to do it in excel but not on finance calculator. How do you punch it on a calculator?

[cjb1978]

I know how to do it in excel but not on finance calculator. How do you punch it on a calculator?

How To Calculate Compound Interest


How to Calculate Compound Interest - Investors Calculate Compound Interest

[CRAZYGREG]

Looking for a little help...I got the answeres in Excel but I need to setup it the way the teacher wants to see it. The question is below.

Teacher wants it setup the way below and wants us to use a Finace calculator...
N I/Y PV PMT FV
? ? ? ? ?

I did it this way...
How much will $1,500 grow to in 9 years earning an annual rate 9% yet using monthly compounding? What about 22 years?
A= P(1+ r/q)qt ...where "A" is the future amount, "P" is the beginning amount (or "principal"), "r" is the interest rate (expressed as a decimal), "q" is the number of compoundings a year, and "t" is the total number of yearsAns.A= 1500(1+.09/12)12*9=1500*2.241124$3,361.69in 9 yearsA= 1500(1+.09/12)12*22=1500*7.18943$10,784.15in 22 years

9 Years:
N = 108 (9yrs*12mos)
I/Y = .0075 (.09APR/12mos)
PV = $1,500
Find for FV

22 years
N = 264 (22yrs*12mos)
I/Y = .0075 (.09APR/12mos)
PV = $1,500
Find for FV

[Max57]

...
Teacher wants it setup the way below and wants us to use a Finace calculator...
N I/Y PV PMT FV
? ? ? ? ?

I did it this way...
How much will $1,500 grow to in 9 years earning an annual rate 9% yet using monthly compounding? What about 22 years?
A= P(1+ r/q)qt ...where "A" is the future amount, "P" is the beginning amount (or "principal"), "r" is the interest rate (expressed as a decimal), "q" is the number of compoundings a year, and "t" is the total number of yearsAns.A= 1500(1+.09/12)12*9=1500*2.241124$3,361.69in 9 yearsA= 1500(1+.09/12)12*22=1500*7.18943$10,784.15in 22 years

You'll need to set your calculator's "C/Y" to 12 (compound monthly).
PV = 1,500
N = 9 (then 22 for the second part)
I/Y = 9
Compute the FV
(fyi ... one of the values might need to be set to a negative, or the FV may be calculated as a negative ... whichever you choose)
I don't have my calcluator with me ...

edited.

[nickwc]

This looks pretty similar to my HW. What class is this for?

[2forISU]

9 Years:
N = 108 (9yrs*12mos)
I/Y = .0075 (.09APR/12mos)
PV = $1,500
Find for FV

22 years
N = 264 (22yrs*12mos)
I/Y = .0075 (.09APR/12mos)
PV = $1,500
Find for FV

Thank you!

[2forISU]

This looks pretty similar to my HW. What class is this for?

I live in St. Louis

[CRAZYGREG]

My solution is for C/Y set to 1. You can put the PV in as a (-) if you wish since it is coming out of your p[ocket up front.