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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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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