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?
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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!
Oh, bless you all! I did it! FIVE FREAKING HOURS I've spent on this problem. Just needed another perspective. Was making it too wicked hard.
Edit: And just in time to watch Ugly Betty!
I think maybe you left out some words in your notes, and annual yield is total interest earned EACH YEAR divided by cost.
Eta: according to my recently acquired MBA, I should know this rather than guessing, but I don't. I can, however, look it up if need be.