My Math Forum  

Go Back   My Math Forum > High School Math Forum > Elementary Math

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


Thanks Tree2Thanks
  • 1 Post By Joppy
  • 1 Post By Joppy
Reply
 
LinkBack Thread Tools Display Modes
April 24th, 2017, 06:39 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.
JamieY is offline  
 
April 24th, 2017, 07:09 PM   #2
Senior Member
 
Joined: Feb 2016
From: Australia

Posts: 1,320
Thanks: 450

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
Joppy is offline  
April 24th, 2017, 07:15 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
JamieY is offline  
April 24th, 2017, 07:19 PM   #4
Senior Member
 
Joined: Feb 2016
From: Australia

Posts: 1,320
Thanks: 450

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
Joppy is offline  
April 24th, 2017, 07:26 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
JamieY is offline  
April 25th, 2017, 05:19 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"
Timios is offline  
Reply

  My Math Forum > High School Math Forum > Elementary Math

Tags
formula, percentages



Thread Tools
Display Modes


Similar Threads
Thread Thread Starter Forum Replies Last Post
N(Xi)=Xi/Sum(X) formula name engrstephens Advanced Statistics 1 December 21st, 2011 02:27 PM
how to use a formula? empiricus Algebra 4 January 13th, 2010 03:21 AM
please help me with this pi formula smchugh1982 Complex Analysis 0 October 7th, 2009 06:20 AM
De Moivre's formula and Newton's binomial formula agro Probability and Statistics 3 August 27th, 2009 06:17 AM
need formula dlaruwe Algebra 2 February 18th, 2009 12:15 PM





Copyright © 2017 My Math Forum. All rights reserved.