I am confused on #36 of 3.3 in Finite Math for Business.  My teacher wants me to find the interest using the TVM solver on my TI-84 and using the formula I=PRT.  I am not sure what values to plug into my calculator though.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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I am confused on #36 of 3.3 in Finite Math for Business.  My teacher wants me to find the interest using the TVM solver on my TI-84 and using the formula I=PRT.  I am not sure what values to plug into my calculator though.

Expert Solution
Step 1

If you have a TI-83 Plus or TI-84 Plus, press APPS and then 1:Finance. Once you are at the finance menu, select 1:TVM Solver.

• Enter the following inputs for the pieces of information that are given:

– N =the total number of times the account is compounded (the number of compounding periods per year × the number of years)

– I% = interest rate (as a percentage)

– P V = present value

– PMT = payment amount (0 for this class)

– F V =future value

– P/Y = C/Y =the number of compounding periods per year.

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