+0

knn

0
139
2

1200\cdot\frac{\left[1-\left(1+\left(\frac{0.032}{12}\right)-120\right)\right]}{\left(\frac{0.032}{12}\right)}

$$1200\cdot\frac{\left[1-\left(1+\left(\frac{0.032}{12}\right)-120\right)\right]}{\left(\frac{0.032}{12}\right)}$$

off-topic
Apr 2, 2019
edited by Melody  Apr 3, 2019

#1
+105
+1

This is what I found.

Apr 2, 2019
#2
0

This is how you wrote your formula: 1200×(1 - (1 + 0.032/12 - 120))/(0.032/12), which is not correct. I believe it should be written like this: 1200 x (1 - (1+ 0.032/12)^-120) / (0.032/12) = $123,093.73 - This is the Present Value of 120 annuity payments of$1,200 each over a period of 10 years, or 120 months @ 3.2% comp. monthly.

Apr 2, 2019