Ive been at these problems for hours and i still cant solve them. Im in Finite math
the question is:
what is the present value of $50,000 in 10 years at 12% interest compounded monthly?
ive typed in F= 50,000(1+.12/12) ^12(10)
The answer im getting is 165019.34
but the book says answer is 15149.74
another question is :
college expenses at a private college currently average $12000 per year. It is estimated that these expenses are increasing at the rate of 1% per month.. what is the estimated cost of college 10 years from now.
ive set it up to f=12,000(1+.01/1)^10
the book says the answer is 39604.64
can some one help me figure out what im doing so wrong? ive used many websites and still im doing something wrong.
the question is:
what is the present value of $50,000 in 10 years at 12% interest compounded monthly?
ive typed in F= 50,000(1+.12/12) ^12(10)
The answer im getting is 165019.34
but the book says answer is 15149.74
another question is :
college expenses at a private college currently average $12000 per year. It is estimated that these expenses are increasing at the rate of 1% per month.. what is the estimated cost of college 10 years from now.
ive set it up to f=12,000(1+.01/1)^10
the book says the answer is 39604.64
can some one help me figure out what im doing so wrong? ive used many websites and still im doing something wrong.