Joe R.

asked • 04/30/17

Whenever I type this problem: 5000(1+1.15)^68, I get this answer: 2.0173687011×10^26. PLEASE SEE ADDITIONAL INFO BELOW

Whenever I type this problem: 5000(1+1.15)^68, I get this answer: 2.0173687011×10^26. According to my online homework (MyMathLab) that is incorrect. It should look like this: 35805.0308354 when I solve for 12000(1+0.0125)^88. I've tried a variety of physical and online calculators but I keep getting the "wrong" answer form. How do I do this? My exam is tomorrow and my teacher says that the answer to my question is on MyMathLab, but I can't find it there either. Freaking out here! Please help!

2 Answers By Expert Tutors

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Kenneth S. answered • 04/30/17

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It appears to me most likely that the expression that you have parenthesized (and then raised to the 68 power, is not correct.
 
That is, 1+1.15 is suspect.  Could this be an error in converting interest rate per year to DECIMAL?
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Joe R.

Whoa I see what's wrong! Instead of 0.046/4 I was inputting 4.6/4. 
That was dumb...
Thanks for your help. Would not have seen that otherwise.
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04/30/17

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