Financial Mathematics Project
Nicole Wang, Period 1
Payment to Achieve a Goal
•You want to save up enough money in orderto buy your first home, costing $125,000.
http://www.hillcountryclimatizedstorage.com/images/2360734.jpg
http://www.chiangmairealty.com/Images/Sally/Peung.jpg
First off…
•Assuming you have a rate of 7.75%compounded quarterly…
http://www.accountservonline.com/images/calculator_djk3.jpg
http://www.mathleague.com/help/percent/percent.GIF
And…
•Considering that you can deposit $1,500 perquarter…
http://www.socialpicks.com/photo/name/3348/money.jpg
http://www.warnersbaysportsclub.com.au/WARNERSBAY_BOWLSstores/NEWS/12/ATTRFILE_HomePageImage/moneySymbol.jpg
The big question…
•How long will it take for you to achieve yourgoal?
http://www.twodoctors.org/myimages/QuestionMarks.jpg
http://psdblog.worldbank.org/photos/uncategorized/2007/10/12/time_is_money_3.jpg
http://www.locallinks.com/sunnyvale/uploaded_images/calendar_clip_art-755266.gif