Spike ,'The Cautionary Tale of Numero Cinco'
[NAFDA] Spike-centric discussion. Lusty, lewd (only occasionally crude), risque (and frisque), bawdy (Oh, lawdy!), flirty ('cuz we're purty), raunchy talk inside. Caveat lector.
ETA, also, is the interest compounding or are you taking it out each year?
I think it's taking it out each year--$551 is what I have in my notes from when we talked about it in class.
And, looking at this, it might be the six month thing. I'm close, I'm just not exactly there.
I think you are thinking too much about Annual Yield - just take the interest earned each year and divide by the cost 551/9082=.056213=5.62%
What answer are you getting and how are you getting it, and what's the answer in the back of the book say?Hil? Are you reading my brain by mistake?
Nicole, insent.
-t, when I do that, I get 6.066%
Huh, you sure do. What did I do to get 5.62 like I just did?
I don't know! But do it again!
9802, not 9082. Helps to read the problem the same way every time.
551/9802=.0562
Eta: and, more importantly, to type it correctly!
If I do (551x29.5+10000)-9802 = 16,728, then divide that by 29.5, I get 557.71 per year. Divide that by 9802, and I get 5.689%.
Oh, Bwah!