Complete the following without using Table 12.1. (Round the "Total amount" and "Total interest" to the nearest cent.)PrincipalTime (years)Rate ofcompoundinterestCompoundedPeriodsRateTotal amountTotal interest$57514 %Quarterly % TABLE 12.1Future value of $1 at compound interestPerlod1%1%2%3%4%5%6%7%8%9%10%1.02001.07 001.09001.100011.01001.01501.03001.04001.05001.06001.08001.02011.03021.04041.06091.08161.10251.12361.14491.16641.18811.21001.03031.04571.06121.09271.12491.15761.19101.22501.25971.29501.331041.04061.06141.08241.12551.16991.21551.26251.31081.36051.41161.46411.05101.07731.10411.15931.21671.27631.33821.40261.46931.53861.61051.06151.09341.12621.19411.26531.34011.41851.50071.58691.67711.77161.07211.10981.14871.22991.31591.40711.50361.60581.71381.82801.94878.1.08291.12651.17171.26681.36861.47751.59381.71821.85091.99262.14369.1.09371.14341.19511.30481.42331.55131.68951.83851.99902.17192.3579101.10461.16051.21901.34391.48021.62891.79081.96722.15892.36742.5937111.11571.17801.24341.38421.53951.71031.89832.10492.33162.58042.8531121.12681.19601.26821.42581.60101.79592.01222.25222.51822.81273.1384131.13811.21351.29361.46851.66511.88562.13292.40982.71963.06583.4523141.14951.23181.31951.51261.73171.97992.26092.57852.93723.34173.7975151.16101.25021.34591.55801.80092.07892.39662.75903.17223.64254.1772161.17261.26901.37281.60471.87 302.18292.54042.95223.42593.97034.5950171.18431.28801.40021.65281.94792.29202.69283.15883.70004.32765.0545181.19611.30731.42821.70242.02582.40662.85433.37993.99604.71715.5599191.20811.32701.45681.75352.10682.52703.02563.61654.31575.14176.1159201.22021.34691.48591.80612.19112.65333.20713.86974.66105.60446.7275211.23241.36711.51571.86032.27882.78603.39964.14065.03386.10887.4002221.24471.38761.54601.91612.36992.92533.60354.43045.43656.65868.1403231.25721.40841.57691.97362.46473.07 153.81974.74055.87157.25798.9543241.26971.42951.60842.03282.56333.22514.04895.07246.34127.91119.8497251.28241.45101.64062.09382.66583.38644.29195.42746.84858.623110.8347261.29531.47271.67342.15662.77253.55574.54945.80747.39649.399211.9182271.30821.49481.70692.22132.88343.73354.82236.21397.988110.245113.1100281.32131.51721.74102.28792.99873.92015.11176.64888.627111.167214.4210291.33451.54001.77582.35663.11874.11615.41847.11439.317312.172215.8631301.34781.56311.81142.42733.24344.32195.74357.612310.062713.267717.4494Note: For more detalled tables, see your reference booklet, the Business Math Handbook.CO

Compound interest: When interest is added to principal after a period of interest, the method of…

Complete the following without using Table 12.1. (Round the "Total amount" and "Total interest" to the nearest cent.) Principal Time (years) Rate of compound interest Compounded Periods Rate Total amount Total interest $575 1 4 % Quarterly %

Complete the following without using Table 12.1. (Round the "Total amount" and "Total interest" to the nearest cent.) Principal Time (years) Rate of compound interest Compounded Periods Rate Total amount Total interest $575 1 4 % Quarterly %

Financial & Managerial Accounting

13th Edition

ISBN:9781285866307

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter10: Current Liabilities And Payroll

Section: Chapter Questions

Problem 10.23EX

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Question

Complete the following without using Table 12.1. (Round the "Total amount" and "Total interest" to the nearest cent.)

Principal

Time (years)

Rate of

compound

interest

Compounded

Periods

Rate

Total amount

Total interest

$575

4 %

Quarterly

TABLE 12.1
Future value of $1 at compound interest
Perlod
1%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
1.0200
1.07 00
1.0900
1.1000
1
1.0100
1.0150
1.0300
1.0400
1.0500
1.0600
1.0800
1.0201
1.0302
1.0404
1.0609
1.0816
1.1025
1.1236
1.1449
1.1664
1.1881
1.2100
1.0303
1.0457
1.0612
1.0927
1.1249
1.1576
1.1910
1.2250
1.2597
1.2950
1.3310
4
1.0406
1.0614
1.0824
1.1255
1.1699
1.2155
1.2625
1.3108
1.3605
1.4116
1.4641
1.0510
1.0773
1.1041
1.1593
1.2167
1.2763
1.3382
1.4026
1.4693
1.5386
1.6105
1.0615
1.0934
1.1262
1.1941
1.2653
1.3401
1.4185
1.5007
1.5869
1.6771
1.7716
1.0721
1.1098
1.1487
1.2299
1.3159
1.4071
1.5036
1.6058
1.7138
1.8280
1.9487
8.
1.0829
1.1265
1.1717
1.2668
1.3686
1.4775
1.5938
1.7182
1.8509
1.9926
2.1436
9.
1.0937
1.1434
1.1951
1.3048
1.4233
1.5513
1.6895
1.8385
1.9990
2.1719
2.3579
10
1.1046
1.1605
1.2190
1.3439
1.4802
1.6289
1.7908
1.9672
2.1589
2.3674
2.5937
11
1.1157
1.1780
1.2434
1.3842
1.5395
1.7103
1.8983
2.1049
2.3316
2.5804
2.8531
12
1.1268
1.1960
1.2682
1.4258
1.6010
1.7959
2.0122
2.2522
2.5182
2.8127
3.1384
13
1.1381
1.2135
1.2936
1.4685
1.6651
1.8856
2.1329
2.4098
2.7196
3.0658
3.4523
14
1.1495
1.2318
1.3195
1.5126
1.7317
1.9799
2.2609
2.5785
2.9372
3.3417
3.7975
15
1.1610
1.2502
1.3459
1.5580
1.8009
2.0789
2.3966
2.7590
3.1722
3.6425
4.1772
16
1.1726
1.2690
1.3728
1.6047
1.87 30
2.1829
2.5404
2.9522
3.4259
3.9703
4.5950
17
1.1843
1.2880
1.4002
1.6528
1.9479
2.2920
2.6928
3.1588
3.7000
4.3276
5.0545
18
1.1961
1.3073
1.4282
1.7024
2.0258
2.4066
2.8543
3.3799
3.9960
4.7171
5.5599
19
1.2081
1.3270
1.4568
1.7535
2.1068
2.5270
3.0256
3.6165
4.3157
5.1417
6.1159
20
1.2202
1.3469
1.4859
1.8061
2.1911
2.6533
3.2071
3.8697
4.6610
5.6044
6.7275
21
1.2324
1.3671
1.5157
1.8603
2.2788
2.7860
3.3996
4.1406
5.0338
6.1088
7.4002
22
1.2447
1.3876
1.5460
1.9161
2.3699
2.9253
3.6035
4.4304
5.4365
6.6586
8.1403
23
1.2572
1.4084
1.5769
1.9736
2.4647
3.07 15
3.8197
4.7405
5.8715
7.2579
8.9543
24
1.2697
1.4295
1.6084
2.0328
2.5633
3.2251
4.0489
5.0724
6.3412
7.9111
9.8497
25
1.2824
1.4510
1.6406
2.0938
2.6658
3.3864
4.2919
5.4274
6.8485
8.6231
10.8347
26
1.2953
1.4727
1.6734
2.1566
2.7725
3.5557
4.5494
5.8074
7.3964
9.3992
11.9182
27
1.3082
1.4948
1.7069
2.2213
2.8834
3.7335
4.8223
6.2139
7.9881
10.2451
13.1100
28
1.3213
1.5172
1.7410
2.2879
2.9987
3.9201
5.1117
6.6488
8.6271
11.1672
14.4210
29
1.3345
1.5400
1.7758
2.3566
3.1187
4.1161
5.4184
7.1143
9.3173
12.1722
15.8631
30
1.3478
1.5631
1.8114
2.4273
3.2434
4.3219
5.7435
7.6123
10.0627
13.2677
17.4494
Note: For more detalled tables, see your reference booklet, the Business Math Handbook.
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