- #1
Niaboc67
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Homework Statement
Daniel deposits $400 at the end of each month for 7 years in an account paying 1.6% compounded monthly. He then puts the total amount on deposit in another account paying 2.2% interest compounded semiannually for another 8 years. Find the final amount on the deposit after the entire 15 year period.
Homework Equations
How would this be plugged into a ti-83?
For the first part i believe i use Payment to sinking fund formula: R=S*i/((1+i)^n -1)
I think i need to use the recursive formula for annuities but i am just not sure, it goes as such Un=(1+i) u(n-1)+R
The Attempt at a Solution
400 = R(.016/12)/((1+.016/12)^12(7) -1)
After that i am just totally lost...especially with how to use the recursive formula and how its plugged into the ti-83 to create a table to thus find the answer.
Please anyone who knows about this help me!
Thank you