Justin, thanks so much for your time. I like to solve these problems by using the Factor Tables in the NCEES Reference Manual. I interpolated between the n=4 on the 4% and 6% F/P Tables, and simply did (15000)(1.2162) Mike
I appreciate your side note at the end in taking your friendship into account instead of a simple and cold monetary decision. I also appreciate how you list common mistakes. I took a test for mechanical engineering for the city of San Francisco and that test is similar to the EIT/FE test. I haven't got my results yet but I know I struggled with the engineering economics part. Your videos fill that hole in my education.
@Mike, how are you doing? Thank you for your comment and adding to the discussion. You are absolutely correct, ideal approach! This video can be considered an introduction to equivalence, outlining the definition and illustrating the very basic procedure of getting from point A to point B in these types of problems. As we make our way through this series of videos and build on our knowledge, we will see future lessons rely heavily on the use of the Compound Interest Tables. Thanks! Justin
I'm watching these videos in hopes of getting a foot ahead before I start my engineering economics class for college. I'd definitely choose my buddy's business in real life lol
mutasemCarD How has your studying been going? Sorry our site was down when you visited, but it's better than ever now, so check it out: www.engineerintrainingexam.com/
I am in second year of Mechanical Engineering and doing this course which is suppose to be done in 4th year. I know I am a baby doing a big boy course, but still my prof. is not really, lets just say, the best at teaching, SO THANK YOU FOR DOING THIS, I will probably get your book as a short book one day :)
You are absolutely amazing. Also I have a question. Can I compute the compounded Future return after 4 years F = P(1 + i)^4 and compare that value with the $18,000. I think it'll arrive at the same conclusion, maybe off by a couple dollars or cents due to rounding error. ?? Thanks a lot.
orrrrrr we can use the formula: F=P(1+i)^t ; F (Final Worth), P = Present worth, i (Interest rate) = 0.05, t (time) = 4 yrs F = 15,000(1+0.05)^4 F = 18,232.59375 or $18,232.60
That friendship is important but there might be a lot more risk involved with lending to a friend compared to lending to a bank. Large risk demands a higher interest rate.
LOL, a friend in need is a friend indeed. Man it's only $234. The bank may get robbed anytime within 4 years. Not to mention interest does fluctuate. Of course, it is insured.
You just taught ethic at the end in engineering economics lesson. LOL
That actually warmed my heart. We need more people like him.
@@claramelb7476 Yes, help your buddy out. The banks have enough money as it is.
Justin, thanks so much for your time. I like to solve these problems by using the Factor Tables in the NCEES Reference Manual.
I interpolated between the n=4 on the 4% and 6% F/P Tables, and simply did (15000)(1.2162)
Mike
I appreciate your side note at the end in taking your friendship into account instead of a simple and cold monetary decision. I also appreciate how you list common mistakes. I took a test for mechanical engineering for the city of San Francisco and that test is similar to the EIT/FE test. I haven't got my results yet but I know I struggled with the engineering economics part. Your videos fill that hole in my education.
This is super helpful for the eng econ course im taking right now!! Thanks so much for the simple help
+Brady Blake Super stoked you were able to find the video helpful. Best of luck studying!
@Mike, how are you doing? Thank you for your comment and adding to the discussion.
You are absolutely correct, ideal approach! This video can be considered an introduction to equivalence, outlining the definition and illustrating the very basic procedure of getting from point A to point B in these types of problems. As we make our way through this series of videos and build on our knowledge, we will see future lessons rely heavily on the use of the Compound Interest Tables.
Thanks!
Justin
I'm watching these videos in hopes of getting a foot ahead before I start my engineering economics class for college. I'd definitely choose my buddy's business in real life lol
Great videos, thank you!!
Bluryy Man Thanks! Glad we we're able to help you with your studying.
love this, thanks so much
I know I’m late but thanks for the video. I understand u much better than my teacher
Not late at all, appreciate you 🙏🏼
Hello there. Why is your website down? This is the message I'm getting: Error establishing a database connection.
mutasemCarD How has your studying been going? Sorry our site was down when you visited, but it's better than ever now, so check it out: www.engineerintrainingexam.com/
I am in second year of Mechanical Engineering and doing this course which is suppose to be done in 4th year. I know I am a baby doing a big boy course, but still my prof. is not really, lets just say, the best at teaching, SO THANK YOU FOR DOING THIS, I will probably get your book as a short book one day :)
I appreciate you 🙏🏼 keep pushing, sometimes we’ve got to seek the education we need, happy you dropped by
Thank You
Good for review before my Capstone Exam!
Fantastic Job !
+cRAYonhere Glad you liked the video!
I’m happy to find this much help! 😭😊 thank you
You are absolutely amazing.
Also I have a question. Can I compute the compounded Future return after 4 years F = P(1 + i)^4 and compare that value with the $18,000. I think it'll arrive at the same conclusion, maybe off by a couple dollars or cents due to rounding error. ?? Thanks a lot.
Rishi Chatterjee yes
You're the best!!!
Do you still reply to email inquiries? I tried to sign up for the bootcamp multiple times days ago and have not gotten anything from you yet? Thanks!
Amazing! Arigato Senpai san!
VERY HELPFUL
thank you sir....alot!!!
please put a video on balance sheet
U R AMAZING THANK U
orrrrrr we can use the formula:
F=P(1+i)^t ; F (Final Worth), P = Present worth, i (Interest rate) = 0.05, t (time) = 4 yrs
F = 15,000(1+0.05)^4
F = 18,232.59375 or $18,232.60
That friendship is important but there might be a lot more risk involved with lending to a friend compared to lending to a bank. Large risk demands a higher interest rate.
Thanks
can anyone help me to answer my question please? how did we get the 18,000 at the beginning of the problem? thank you
It was a 'given' at the beginning of the problem; that we would get $18000 back in 4 years if we invest $15000 in our buddy's business.
another trap I fell into is that I considered Simple Interest to solve this problem. The interest in this problem is the Compound Interest.
great
EXCELLENT (Y)
Thanks Dick Mire
LOL, a friend in need is a friend indeed. Man it's only $234. The bank may get robbed anytime within 4 years. Not to mention interest does fluctuate.
Of course, it is insured.
Justin what?
is this just simple interest every year or am i able to do an f/p formula?
disregard.. it is the same value
Great video! We should get this translated to Spanish!
I like that, Friend ships matter!
lol what did you say your name is??
"I'd rather lose all of my friends than lose $1"- Donald J. Trump (probably)