My Math Forum I am new and confused....

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 August 17th, 2009, 11:03 AM #1 Newbie   Joined: Aug 2009 Posts: 2 Thanks: 0 I am new and confused.... Hello to All, I am new here. I have a math/finance question and I hope I get some answers for them. I had college level knowledge of math but can't even solve a simple problem...it is the old age I guess... My daughter and her friend are planing to get into a small hotel business. That are asked to write a business plan and they are doing that. Only, they are getting two different values for their calculations, and I can't find their mistakes... They have to forecast the income from the hotel rooms. There is no problem with the forecasting but with the calculations. These are the questions: 1.) If one month an amount of $900.00 collected, and there will be 10% increase every month,what will be the total in 12 months? 2.) ...............................$1020.00........... .................................................. ............................................? Please help!!! Thank you.
 August 17th, 2009, 12:44 PM #2 Member   Joined: Jul 2009 Posts: 34 Thanks: 0 Re: I am new and confused.... 1.) So in the first month they collect $900. The next month (1.1)*$900=$990. The next month (1.1)^2*$1089... So after 12 months they have $900+(1.1)\times900+(1.1)^2\times900+...+(1.1)^{ 11}\times900=900\times(1+1.1+1.1^2+...+1.1^{11}) =900\times21.3842837621=19245.86$ .2) Same way we get $1020\times21.3842837621=21811.97$
 August 17th, 2009, 01:49 PM #3 Newbie   Joined: Aug 2009 Posts: 2 Thanks: 0 Re: I am new and confused.... God bless you...thank you showing the steps. For $900: you get$19,245.86 ; they get $19,292.20..?? For$1,020 they have the same amount, which is $21,811.97  August 19th, 2009, 04:56 PM #4 Member Joined: Jul 2009 Posts: 34 Thanks: 0 Re: I am new and confused.... I'm pretty sure my answer is right. If you could post their calculations, I can perhaps see where it went wrong. August 19th, 2009, 06:15 PM #5 Global Moderator Joined: Nov 2006 From: UTC -5 Posts: 16,046 Thanks: 938 Math Focus: Number theory, computational mathematics, combinatorics, FOM, symbolic logic, TCS, algorithms Re: I am new and confused.... Quote:  Originally Posted by momoftwo If one month an amount of$ 900.00 collected, and there will be 10% increase every month,what will be the total in 12 months?
Very odd. They expect a 185% increase in less than a year?

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