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 #1
avatar+500 
+2

Hey guest! Let's start with some basic background knowledge of types of interest:

there are two main types, simple and compound. With simple interest, given a quantity:

\(x\), and in interest rate of \(r\%\) per year, we have that every year, the interest amount is:

\(x * r\%\). In other words, the amount paid every year(if we're talking about an interest on payment) is the exact same constant value.

 

Compound interest however, given the same variables, is a bit different.

Compound interest is "compounded"(hence the name) and added on to the previous year(or whatever metric of time used). The formula for compound interest is then typically defined:

\(A = P(1+\frac{r}{n})^{nt}\)

Where A = Amount paid

P = The principal, or the initial amount first paid 

R = Interest rate as a decimal

N = The number of times the interest is compounded per unit of time "t"

T = Time(in this example, years).

Here's a great website for reference on compound interest:

https://www.thecalculatorsite.com/articles/finance/compound-interest-formula.php

 

Getting to the problem itself:

A)

The interest that Sue gets with an investment of 2300 pounds and an interest rate of 2.4% a year over 3 years is:

\(A = 2300(1+\frac{0.024}1)^{3*1} = 2300(1.024)^3 = 2300(1.073741824) = 2469.6061952\)

For Bill, he invests 1800 pounds at an interest of 3.4% per year.

Our equation is then:

\(A = 1800(1+\frac{0.034}1)^{3*1} = 1800(1.034)^3 = 1800(1.105507304) = 1989.9131472\)

Of course, both of these answers are using calculators.

 

B)

 

To solve this, we figure out the compound interest for Bill after 2 years, and then multiply that amount by (1 + 0.04), which represents the 4 percent compound interest rate added on to that.

 

Sue:

We have already that Sue has an interest payment of 2469.6061952 after 3 years

 

Now, moving on to Bill:

By our previous formula:

\(\)

\(A = 1800(1.034)^2 = 1800(1.069156) = 1924.4808\)

We then multiply this value by 1.04 to represent a 4 percent interest rate(4% = 0.04, so 1+ 0.04 represents a 4 percent compounded interest).

\(1924.4808 * 1.04 = 2001.460032\)

Clearly, this is less than Sue's amount after 3 years, so the answer is then Sue

Mar 25, 2020
 #10
avatar+500 
0

-GA

 

First of all, if I was really talking from an unknowledgeable perspective, what is your rationale behind me not noticing the logical fallacy presented by Cal? This makes no sense whatsoever. Cal tells us that :

 

"

The largest power of 2 that divides 20! is 2^18 .

The largest power of 3 that divides 20! is 3^8. 

We want the largest value of n that n is less than or equal to 8.

"

If I really had no knowledge of Legendre's formula like you so eagerly recommended, how would I have known anything about this kind of reasoning? If I was really uneducated and was looking at the steps Cal used as opposed to just the answer, I would've said "wait, how does this logic follow through"? Because if I didn't know anything about the subject, then I wouldn't have understood those last two lines at all. Your assumption here is just blatantly false.

 

Secondly, sure, say I buy your argument that there are many solutions on this forum presented from a knowledgeable perspective. Does that mean we should present all of our solutions from "a perspective that requires knowing the answer"? No, it does not by any means make us assume that our question-askers know what we're talking about. Rather, we should go through each step and explain the logic behind it. I'd argue that this is comparatively better than making them "learn the rote mechanics, and then the logic behind the process" themselves as you advocate for, because when we show question-askers the logic and decision-making calculus behind our steps, that allows them to go forward with more knowledge to tackle different types of these problems, which they can always combine with a bit of self-learning. We shouldn't just post the answer with logical leaps and expect our readers to understand. 

 

Thirdly, it was a mistake on my part to not fully explain Legendre's as you mentioned, however, I'm not trying to rip "Cal a new one for her incompetence", I'm trying to help her so she doesn't post misleading solutions that she doesn't fully understand; that just causes confusion for the question askers and everyone in general. 

Mar 25, 2020
 #4
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Mar 25, 2020
 #6
avatar+33616 
+3
Mar 25, 2020
 #9
avatar+2487 
-1

Well I have something to say... jafan17, if you were talking from an uneducated perspective, you would not have noticed the logical fallacy. However, if you were speaking from an educated perspective, but ignorant of the answer then the logical fallacy would be apparent.     

 

There are many solutions on this forum (and elsewhere) presented from a perspective that requires knowing the answer to the question to create the logical steps to the answer.   I sometimes refer to these as Math Magic, Pixie Dust solutions. There is a guest member (Mr. BB) who is notorious for using Math Magic and Pixie Dust logic as a solution process to justify his answers.  They are worthless, time-wasters for students needing to learn the concepts and process for solving equations and deriving answers. 

 

An easy method to confirm the invalidity of such logic is to solve a similar question using this derived logic. If the method does not lead to a solution, then the logic is invalid and untenable.   

 

Learning mathematics is usually a gradual process. With students, first, leaning the rote mechanics, and then the logic behind the process. The mantra of “ours is not to reason why, but to invert the divisor and multiply” is mostly universal up to the higher levels of mathematics. 

----------

 

jafan17, now that you’ve ripped Cal a new one for her incompetence, you could demonstrate the correct, logical process, to educate Cal and others who will read this in the future.  A simplified explanation of Legendre’s formula would probably be the optimal choice. 

 

 

GA

Mar 25, 2020

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