The weird thing about this particular problem is that the final amount doesn’t actually matter. If it did, then the final amount would be 270.4 (or 260*1.04). The 1.04 is just the amount we want to be multiplying the original amount by to increase it by 4%. Since they have 1.04 set to the power of 6/4 t, we have to figure out what needs to go in for t so that 6/4 * t will equal 1 and we’ll have our 1.04^1 to multiply the 260 by. Then they go and add another wrinkle in that they say t is equal to years, but they want to know *months*, so we have to convert t to find our final answer. This is just an odd problem in that it really doesn’t test your knowledge of the proper exponential growth or interest formula but instead presents a warped version of it for you to puzzle out. I hope that all made sense and didn’t just make things more confusing 😓
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thnxx😍😍
isnt the fornula, final amount = original amount x (1+r/n)^nt (how is 1+r/n = 1.04 then?)
The weird thing about this particular problem is that the final amount doesn’t actually matter. If it did, then the final amount would be 270.4 (or 260*1.04). The 1.04 is just the amount we want to be multiplying the original amount by to increase it by 4%. Since they have 1.04 set to the power of 6/4 t, we have to figure out what needs to go in for t so that 6/4 * t will equal 1 and we’ll have our 1.04^1 to multiply the 260 by. Then they go and add another wrinkle in that they say t is equal to years, but they want to know *months*, so we have to convert t to find our final answer.
This is just an odd problem in that it really doesn’t test your knowledge of the proper exponential growth or interest formula but instead presents a warped version of it for you to puzzle out. I hope that all made sense and didn’t just make things more confusing 😓
@ ohh that makes sense, thanks