Homework Help is Here – Start Your Trial Now!
Math
Statistics
Solve the following problem using either Table 11-1 or Table 11-2 from your text. When necessary, create new table factors. (Round new table factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent) Marcus invests $9,000, at 7% interest, compounded annually for 16 years. Calculate the compound interest for his investment. $10,080.00 $17,569.44 $19,080.00 $26,569.44

Solve the following problem using either Table 11-1 or Table 11-2 from your text. When necessary, create new table factors. (Round new table factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent) Marcus invests $9,000, at 7% interest, compounded annually for 16 years. Calculate the compound interest for his investment. $10,080.00 $17,569.44 $19,080.00 $26,569.44

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
See similar textbooks
icon
Related questions
Question
Solve the following problem using either Table 11-1 or Table 11-2 from your text. When necessary, create new table factors. (Round new table factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent)
Marcus invests $9,000, at 7% interest, compounded annually for 16 years. Calculate the compound interest for his investment.
 
$10,080.00
$17,569.44    
$19,080.00
$26,569.44
TABLE 11-1 Compound Interest Table (Future Value of $1 at Compound Interes t) Periods 1% 2% 3% 4% 5% 6% 7% 8% Periods 1.00500 LOIS00 10000 LO000 1.04000 1.05000 106000 107000 101003 1.02010 LO023 10400 1.06090 1OS 160 1. 10250 L12360 11490 1.16640 101 S08 LO4568 106121 109273 1.12486 1.15763 L19102 12204 1.25971 4 1.02015 L0400 1.051 36 LO8243 L12551 1.16986 1.2155I 126248 131080 1.6049 4 102525 LOS 101 L07728 L104O8 L1927 121665 1.27628 133823 1.40255 1.46933 106 152 LO344 L12616 L19405 1.26532 1.34010 141852 150073 1.58687 1. 10984 1. 12649 L07214 114869 122987 131993 1.40710 1.50363 160578 1.7182 1.04071 L17166 1.26677 1.6R57 1.47746 159385 1.71819 104991 1.099 1.1439 119509 1.30477 142331 1.55 133 16948 183846 1.99900 10 1OS114 1. 10462 1. 16054 121899 134392 148024 1.62889 1.7908S 1.96715 2.15892 10 11 1.05640 LII67 L17795 124337 138423 1.53945 1.7104 189830 2.10485 2.33 164 11 160 103 166507 1.73 168 12 1.06 168 1.126K 1. 19562 1.26824 142576 1.7956 201220 2.25219 2.51817 12 13 1.06699 LIN9 1.21355 1.29361 146853 213293 2.40985 2.71962 13 14 1.07232 1.14947 1.23176 131948 15129 1.97993 226090 2.57853 2.93719 14 15 107768 1.1607 1.25023 134587 155797 1.80094 2.07893 239656 2.7503 3.17217 15 I87298 1.94790 16 1O807 1.17258 1.26899 137279 160471 2. 18287 2505 2.95216 3.42994 16 17 1OSS49 1.18A0 1.28802 140024 165285 2.29202 269277 3.15882 3.20002 17 18 109393 1. 19615 1734 142825 1.70243 2.02582 2.40662 285434 3.37993 3.99602 18 19 109940 1.20811 1.32695 145681 1.75351 2.10685 2.52695 302560 3.61653 4.31570 19 20 1.10490 1.22019 148595 180611 2.19112 2.6530 3.207 14 3.8668 4.66096 20 21 L11042 1.2129 1.36706 151567 186029 2.27877 2.78996 3.39956 4.14056 503383 21 1.387 56 1.408 38 22 LI1997 1.24472 154598 1916 10 2.36992 2.92526 360354 4.43040 543654 22 23 1.12155 1.25716 157690 197399 2.46472 3.07 152 3S1975 4.74053 587146 23 24 1.12716 1.26973 142950 1.60844 203279 2.56330 3.22510 404893 507237 6.34118 24 25 1.13280 1.28243 145095 16061 209378 2.66 584 429187 S42743 25 Periods 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% Periods 1. 10000 1. 15000 11220 1.09000 L1000 112000 LI000 1.14000 L16000 L12000 LI8000 2 LI8SIO 1.21000 1.22 10 125440 127690 1.29960 134560 136890 1.39240 2 1.29503 1.33 100 L.6763 140493 144290 148 154 1.5208 156090 160161 16403 4 141 158 1.46410 1.51807 157352 163047 16896 1.74901 181064 187389 1.93878 4 1.53862 1.61051 1.76234 184244 1.92541 2.01 I 210034 2.19245 2.28776 1.67710 1.77156 L7041 1973K2 208195 2.19497 2.31306 2460 2.56516 2.69955 6 18204 1.94872 2.076 16 221068 235261 2.50227 2.66002 282622 3.00124 3.18547 1.99256 2.14399 2.30454 247596 265844 285259 3.05902 3.27841 3.51145 3.75886 9. 2.17 189 2.35795 2.55804 277308 300404 3.25195 3.51 788 380296 4.10840 4.43545 10 2.6736 2.99374 2K942 3.39457 2 72םג3 4.04556 4.41144 523384 10 2.58043 2.81266 3.06 580 2.85312 3. 151 76 347855 383586 4.22623 4.6529 5.11726 5.6299 6.17593 11 12 3. 13843 3.49845 3.89598 433452 4.81790 5.35025 593603 6.5007 7.28759 12 13 345227 3.88328 436349 489801 5.49241 6. 15279 688579 7.69868 8.59936 13 14 3.34173 3.79750 4.31044 4887 11 553475 6.26135 7.07571 798752 9.00745 10.14724 14 15 3.64248 4.17725 4.78499 547357 625427 7.13794 8. 13706 926552 10.53872 11.97375 15 16 3.97031 4.97 5.31089 613039 7.06733 S.13725 9.35762 1074800 12330 14.12902 16 17 4.2763 5.05447 686604 7.98508 9.27646 10.7616 1246768 14.42646 16.67225 17 18 4.71712 5.55992 6.54355 768997 902427 10.57517 12.37545 1446251 16879S 19.6725 18 19 5.14 166 6.11991 7.26334 861276 1019742 12 05 569 14.23177 1677652 19.74838 23.21444 19 20 5.60441 6.72750 8.05231 964629 1152309 13.7449 16.36654 1946076 23.1060 27.39303 20 21 6.1088I 7.40025 899 17 13.02109 15 66758 I8 K2 1S2 2257448 27.0355 32.32.378 21 22 6.6560 S.14027 9.93357 12.1003I 1471383 17.5 104 21.64475 26.18540 31 62925 38.14206 22 23 7.25787 8.9540 11.02627 1355235 1662663 20.6158 24.89146 30.37622 37.00623 45.00763 23 24 7.91 108 9.84973 12.29 16 15.17863 18.78809 23 21221 28.62518 3523642 43.29729 53.10901 24 25 862308 13.58546 1700005 212054 26 46 192 32.91 S 4087424 50.65783 62. 66863 25 The values in Table 11-1 ware generated by the formula FV = (1 + ir ounded to five decimal places, where i is the interest rate per period and n is the total number of periods.
Transcribed Image Text:TABLE 11-1 Compound Interest Table (Future Value of $1 at Compound Interes t) Periods 1% 2% 3% 4% 5% 6% 7% 8% Periods 1.00500 LOIS00 10000 LO000 1.04000 1.05000 106000 107000 101003 1.02010 LO023 10400 1.06090 1OS 160 1. 10250 L12360 11490 1.16640 101 S08 LO4568 106121 109273 1.12486 1.15763 L19102 12204 1.25971 4 1.02015 L0400 1.051 36 LO8243 L12551 1.16986 1.2155I 126248 131080 1.6049 4 102525 LOS 101 L07728 L104O8 L1927 121665 1.27628 133823 1.40255 1.46933 106 152 LO344 L12616 L19405 1.26532 1.34010 141852 150073 1.58687 1. 10984 1. 12649 L07214 114869 122987 131993 1.40710 1.50363 160578 1.7182 1.04071 L17166 1.26677 1.6R57 1.47746 159385 1.71819 104991 1.099 1.1439 119509 1.30477 142331 1.55 133 16948 183846 1.99900 10 1OS114 1. 10462 1. 16054 121899 134392 148024 1.62889 1.7908S 1.96715 2.15892 10 11 1.05640 LII67 L17795 124337 138423 1.53945 1.7104 189830 2.10485 2.33 164 11 160 103 166507 1.73 168 12 1.06 168 1.126K 1. 19562 1.26824 142576 1.7956 201220 2.25219 2.51817 12 13 1.06699 LIN9 1.21355 1.29361 146853 213293 2.40985 2.71962 13 14 1.07232 1.14947 1.23176 131948 15129 1.97993 226090 2.57853 2.93719 14 15 107768 1.1607 1.25023 134587 155797 1.80094 2.07893 239656 2.7503 3.17217 15 I87298 1.94790 16 1O807 1.17258 1.26899 137279 160471 2. 18287 2505 2.95216 3.42994 16 17 1OSS49 1.18A0 1.28802 140024 165285 2.29202 269277 3.15882 3.20002 17 18 109393 1. 19615 1734 142825 1.70243 2.02582 2.40662 285434 3.37993 3.99602 18 19 109940 1.20811 1.32695 145681 1.75351 2.10685 2.52695 302560 3.61653 4.31570 19 20 1.10490 1.22019 148595 180611 2.19112 2.6530 3.207 14 3.8668 4.66096 20 21 L11042 1.2129 1.36706 151567 186029 2.27877 2.78996 3.39956 4.14056 503383 21 1.387 56 1.408 38 22 LI1997 1.24472 154598 1916 10 2.36992 2.92526 360354 4.43040 543654 22 23 1.12155 1.25716 157690 197399 2.46472 3.07 152 3S1975 4.74053 587146 23 24 1.12716 1.26973 142950 1.60844 203279 2.56330 3.22510 404893 507237 6.34118 24 25 1.13280 1.28243 145095 16061 209378 2.66 584 429187 S42743 25 Periods 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% Periods 1. 10000 1. 15000 11220 1.09000 L1000 112000 LI000 1.14000 L16000 L12000 LI8000 2 LI8SIO 1.21000 1.22 10 125440 127690 1.29960 134560 136890 1.39240 2 1.29503 1.33 100 L.6763 140493 144290 148 154 1.5208 156090 160161 16403 4 141 158 1.46410 1.51807 157352 163047 16896 1.74901 181064 187389 1.93878 4 1.53862 1.61051 1.76234 184244 1.92541 2.01 I 210034 2.19245 2.28776 1.67710 1.77156 L7041 1973K2 208195 2.19497 2.31306 2460 2.56516 2.69955 6 18204 1.94872 2.076 16 221068 235261 2.50227 2.66002 282622 3.00124 3.18547 1.99256 2.14399 2.30454 247596 265844 285259 3.05902 3.27841 3.51145 3.75886 9. 2.17 189 2.35795 2.55804 277308 300404 3.25195 3.51 788 380296 4.10840 4.43545 10 2.6736 2.99374 2K942 3.39457 2 72םג3 4.04556 4.41144 523384 10 2.58043 2.81266 3.06 580 2.85312 3. 151 76 347855 383586 4.22623 4.6529 5.11726 5.6299 6.17593 11 12 3. 13843 3.49845 3.89598 433452 4.81790 5.35025 593603 6.5007 7.28759 12 13 345227 3.88328 436349 489801 5.49241 6. 15279 688579 7.69868 8.59936 13 14 3.34173 3.79750 4.31044 4887 11 553475 6.26135 7.07571 798752 9.00745 10.14724 14 15 3.64248 4.17725 4.78499 547357 625427 7.13794 8. 13706 926552 10.53872 11.97375 15 16 3.97031 4.97 5.31089 613039 7.06733 S.13725 9.35762 1074800 12330 14.12902 16 17 4.2763 5.05447 686604 7.98508 9.27646 10.7616 1246768 14.42646 16.67225 17 18 4.71712 5.55992 6.54355 768997 902427 10.57517 12.37545 1446251 16879S 19.6725 18 19 5.14 166 6.11991 7.26334 861276 1019742 12 05 569 14.23177 1677652 19.74838 23.21444 19 20 5.60441 6.72750 8.05231 964629 1152309 13.7449 16.36654 1946076 23.1060 27.39303 20 21 6.1088I 7.40025 899 17 13.02109 15 66758 I8 K2 1S2 2257448 27.0355 32.32.378 21 22 6.6560 S.14027 9.93357 12.1003I 1471383 17.5 104 21.64475 26.18540 31 62925 38.14206 22 23 7.25787 8.9540 11.02627 1355235 1662663 20.6158 24.89146 30.37622 37.00623 45.00763 23 24 7.91 108 9.84973 12.29 16 15.17863 18.78809 23 21221 28.62518 3523642 43.29729 53.10901 24 25 862308 13.58546 1700005 212054 26 46 192 32.91 S 4087424 50.65783 62. 66863 25 The values in Table 11-1 ware generated by the formula FV = (1 + ir ounded to five decimal places, where i is the interest rate per period and n is the total number of periods.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Factorization
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman
SEE MORE TEXTBOOKS