   Chapter 11, Problem 26AT ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Solve the following word problems by using Table 11-1 or 11-2. When necessary, create new table factors. Round dollars to the nearest cent and percents to the nearest hundredth of a percent.Fred North owns Redlands Farms, a successful strawberry farm. The strawberry plants increase at a compound rate of 12% per year. Each year Fred brings new land under cultivation for the new strawberry plants. If the farm has 50 acres of strawberry plants today, how many acres of strawberry plants will the farm have in 8 years? Round to the nearest whole acre.

To determine

To calculate: The number of acres of strawberry plants the farm will have in 8 years, if the strawberry plant increases at a compound rate of 12% per year. Each year Fred bring new land under cultivation for the new strawberry plants. The current land of strawberry plant is 50 acres.

Explanation

Given information:

The rate of compound interest is 12% annually and current land of strawberry farm is 50 acres.

Formula used:

Formula to calculate future amount on an investment.

Future Value=Principal(1+R100n)nt.

Where, R is the rate of interest, n is the compounding of interest and t is the time period.

Calculation:

As, the current land is 50 acres and the compounding interest is 12% calculated annually.

Thus,

Principal=50 acresR=12%n=1t=8 years

Put the above values in the formula, to get;

FV=50<

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