Why wouldn’t a linear model work here?

A is the accrued amount after t years of making regular payments, PMT, into an account at interest rate, r%, compounded ntimes each year.)

A(t) = PMT·((1 + r/N)N·t – 1)/(r/N)

= PMT*((1 + r/N)^(N*t) – 1)/(r/N)

The second version is essentially in the form used in Excel

Suppose you want to buy a car and have decided that you can save $100 a month. Using information from an internet source, determine the current interest rate on savings accounts and use the information to answer the following:

How much money will you have saved in two year’s time?

How much will be interest?

Why wouldn’t a linear model work here?

Here is one option to research accounts that do not require personal information: NerdWallet

***A Microsoft Excel spreadsheet is required for this DQ.***

Hello Class,

Here is a video for the formula presented in this DQ. You will also see this video on your mission trip next week and on the week 7 homework. Save your work once you have the formula setup correctly.

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