For the second problem, I did everything in years (i.e. n=5 and i=0.06 to get 0.2374 from the chart) and divided by 12 at the end, but got an answer of 316.5 so, by multiple choice I was closest to the right answer, but I think its a larger margin of error than I would like. I wonder why it was that much different just from converting years to months later in my calc..
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Great help!
Thanks Ruben! I will be dropping many more videos soon
Appreciate the moneyline
thank you for this! very helpful
Your welcome! Glad it was helpful
Could you please do problem 002
Yes I will add this to my video list.
For the second problem, I did everything in years (i.e. n=5 and i=0.06 to get 0.2374 from the chart) and divided by 12 at the end, but got an answer of 316.5 so, by multiple choice I was closest to the right answer, but I think its a larger margin of error than I would like. I wonder why it was that much different just from converting years to months later in my calc..
Im assuming from the factor tables and interest rate applied monthly vs yearly that we were given in the book has something to do with it..