My Math Forum I need a formula

 Elementary Math Fractions, Percentages, Word Problems, Equations, Inequations, Factorization, Expansion

 April 24th, 2017, 07:39 PM #1 Newbie   Joined: Jun 2012 Posts: 4 Thanks: 0 I need a formula I work at a place doing inside sales. Almost every time I put together a quote for a customer, there are missing prices. I usually end up having to look up old quotes and find the part to get the price. If it was priced in 2010, I need to take the price at that time and multiply it by 5% for every year since that quote. So I end up doing this a lot.. multiplying from 2010 to 2016 500 * 1.05 * 1.05 * 1.05 * 1.05 * 1.05 * 1.05 Surely there is a better way? Can anyone tell what that way is? I have tried a few methods but end up getting the wrong answers.
 April 24th, 2017, 08:09 PM #2 Senior Member   Joined: Feb 2016 From: Australia Posts: 1,410 Thanks: 481 Math Focus: Yet to find out. $500 * 1.05 * 1.05 * 1.05 * 1.05 * 1.05 * 1.05 = 500 * 1.05^6.$ There are three variables here. You have the cost for the original product (500 in this case), the percent increase (1.05), and the amount of years between 2010 and 2016 (6). Thanks from JamieY
 April 24th, 2017, 08:15 PM #3 Newbie   Joined: Jun 2012 Posts: 4 Thanks: 0 Ok, how do I do that on a calculator? or on my iphone so I can check the math easily
 April 24th, 2017, 08:19 PM #4 Senior Member   Joined: Feb 2016 From: Australia Posts: 1,410 Thanks: 481 Math Focus: Yet to find out. You will have to flip your iPhone on the side to get access to the scientific calculator. See the "$x^y$" symbol here? After you type (using your first example) 1.05, hit the "$x^y$" and then press 6. Thanks from JamieY
 April 24th, 2017, 08:26 PM #5 Newbie   Joined: Jun 2012 Posts: 4 Thanks: 0 Thank you for that. You blew my mind twice! I didn't know turning the phone sideways would give me a scientific calculator! Thank you. Much appreciated
 April 25th, 2017, 06:19 PM #6 Senior Member   Joined: Jan 2014 From: The backwoods of Northern Ontario Posts: 371 Thanks: 68 On many calculators (for example the Casio calculator) one uses the "^" symbol as an exponent. So in order to express $\displaystyle 1.05^6$, you would key in "1.05^6"

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