1 Minimum wage In 1971 the minimum wage in the UnitedStates was $1.60 per hour. Assuming that the rate of infla-tion is 5% per year, find the equivalent minimum wage inthe year 2010.

IN 1971 the minimum wage in the united state was $1.60 per hour. The rate of inflation is 5% per…

Answered: 1 Minimum wage In 1971 the minimum wage…

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter5: Inverse, Exponential, And Logarithmic Functions

Section5.3: The Natural Exponential Function

Problem 35E

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The Truth in Lending Act Many lending agencies compound interest more often than yearly, and, as we noted in Example P.2, they are required to report the annual percentage rate, or APR, in a prominent place on the loan agreement. Furthermore, they are required to calculate the APR in a specific way. If r is the monthly interest rate, then APR is calculated using APR=12r. a. Suppose a credit card company charges a monthly interest rate of 1.9%. What APR must the company report? b. The phrase annual percentage rate leads some people to believe that if you barrow 6000 from a credit card company that quotes an APR of 22.8%, and if no payments are made, then at the end of 1 year, the interest would be calculated as 22.8% simple interest on 6000. How much would you owe at the end of a year if interest is calculated in this way? c. If Interest is calculated monthly which is common, then the actual amount you would owe in the situation of part b is given by 60001.01912. What is the actual amount you would owe at the end of a year?
Equity in a Home When you purchase a home by securing a mortgage, the total paid toward the principal is your equity in the home. Technically, the lending agency calculates your equity by subtracting the amount you still owe on your mortgage from the current value of your home, which may be higher or lower than your principal. Assume that your mortgage is for 350, 000 at a monthly rate of 0.007 as a decimal and that the term of the mortgage is 30 years. Then your equity after k monthly payments is 350, 0001.007k-11.007360-1 dollars. Calculate the equity in your home after 10 years.
A company sells $160,000 worth of printing paper during its first year. The sales manager has set a goal of increasing annual sales of printing paper by $20,000 each year for 9 years. Assuming that this goal is met, find the total sales of printing paper during the first 10 years this company is in operation.

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1 Minimum wage In 1971 the minimum wage in the United States was $1.60 per hour. Assuming that the rate of infla- tion is 5% per year, find the equivalent minimum wage in the year 2010.