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Math
Advanced MathContemporary Mathematics for Business & Consumers8th Edition

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Chapter 11, Problem 6AT
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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Solutions

Chapter
Section
Problem 1CR
Problem 2CR
Problem 3CR
Problem 4CR
Problem 5CR
Problem 6CR
Problem 7CR
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Problem 10CR
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Problem 1AT
Problem 2AT
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Problem 4AT
Problem 5AT
Problem 6AT
Problem 7AT
Problem 8AT
Problem 9AT
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Problem 11AT
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Problem 13AT
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Problem 24AT
Problem 25AT
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Problem 28AT
Problem 29AT
Problem 30AT
Problem 31AT
Problem 32AT
Problem 33AT
Problem 34AT
Problem 35AT
Problem 36AT
Problem 37AT
Problem 38AT
Problem 39AT
Problem 40AT
Problem 1CLA
BuyFindarrow_forward

Contemporary Mathematics for Busin...

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

The following investments require table factors for periods beyond the table. Create the new table factor and calculate the compound amount for each.

Principal Time Period (years) Nominal Rate (%) Interest Compounded New Table Factor Compound Interest
$10,000 4 6 Monthly _______ _______

To determine

To calculate: The new table factors and the compound amount for the investment of the amount $10,000 made for 4 years at 6% interest compounded monthly using the table 11-1.

Explanation

Given Information:

An investment with principal amount $10,000 made for 4 years at 6% interest compounded monthly.

Formula used:

Interest rate per period:

It can be calculated by dividing the annual rate by the number of periods per year.

Interest rate per period=Nominal ratePeriod per year

Compounding periods:

It can be calculated by multiplying the number of years by the number of periods per year.

Compounding period=Years×Period per year

Compound amount:

It can be calculated by multiplying the table factor with principal.

Compound amount(FV)=Table factor×Principal

Steps for creating new compound interest table factors:

Step I: For the stated rate per period, first, find the two table factors that signify half, or values as close as possible to half, of the periods required.

Step II: Multiply the two table factors obtained in Step I to form the new factor.

Step III: Now, round the new factor to the five decimal places.

Calculation:

The values of investment are:

Principal: $10,000

Time-period: 4

Nominal rate: 6

Interest compounded: monthly

Calculate the compounding periods for the investment,

Compounding period=Years×Period per year=4×12=48

Calculate the interest rate per period for the investment,

Interest rate per period=Nominal ratePeriod per year=612=0

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Sect-11.I P-1TIESect-11.I P-2TIESect-11.I P-3TIESect-11.I P-4TIESect-11.I P-5TIESect-11.I P-1RESect-11.I P-2RESect-11.I P-3RESect-11.I P-4RESect-11.I P-5RE
Sect-11.I P-6RESect-11.I P-7RESect-11.I P-8RESect-11.I P-9RESect-11.I P-10RESect-11.I P-11RESect-11.I P-12RESect-11.I P-13RESect-11.I P-14RESect-11.I P-15RESect-11.I P-16RESect-11.I P-17RESect-11.I P-18RESect-11.I P-19RESect-11.I P-20RESect-11.I P-21RESect-11.I P-22RESect-11.I P-23RESect-11.I P-24RESect-11.I P-25RESect-11.I P-26RESect-11.I P-27RESect-11.I P-28RESect-11.I P-29RESect-11.I P-30RESect-11.I P-31RESect-11.I P-32RESect-11.I P-33RESect-11.I P-34RESect-11.I P-35RESect-11.I P-36RESect-11.I P-37RESect-11.I P-38RESect-11.I P-39RESect-11.I P-40RESect-11.II P-6TIESect-11.II P-7TIESect-11.II P-8TIESect-11.II P-1RESect-11.II P-2RESect-11.II P-3RESect-11.II P-4RESect-11.II P-5RESect-11.II P-6RESect-11.II P-7RESect-11.II P-8RESect-11.II P-9RESect-11.II P-10RESect-11.II P-11RESect-11.II P-12RESect-11.II P-13RESect-11.II P-14RESect-11.II P-15RESect-11.II P-16RESect-11.II P-17RESect-11.II P-18RESect-11.II P-19RESect-11.II P-20RESect-11.II P-21RESect-11.II P-22RESect-11.II P-23RESect-11.II P-24RESect-11.II P-25RESect-11.II P-26RESect-11.II P-27RESect-11.II P-28RESect-11.II P-29RECh-11 P-1CRCh-11 P-2CRCh-11 P-3CRCh-11 P-4CRCh-11 P-5CRCh-11 P-6CRCh-11 P-7CRCh-11 P-8CRCh-11 P-9CRCh-11 P-10CRCh-11 P-11CRCh-11 P-12CRCh-11 P-13CRCh-11 P-14CRCh-11 P-1ATCh-11 P-2ATCh-11 P-3ATCh-11 P-4ATCh-11 P-5ATCh-11 P-6ATCh-11 P-7ATCh-11 P-8ATCh-11 P-9ATCh-11 P-10ATCh-11 P-11ATCh-11 P-12ATCh-11 P-13ATCh-11 P-14ATCh-11 P-15ATCh-11 P-16ATCh-11 P-17ATCh-11 P-18ATCh-11 P-19ATCh-11 P-20ATCh-11 P-21ATCh-11 P-22ATCh-11 P-23ATCh-11 P-24ATCh-11 P-25ATCh-11 P-26ATCh-11 P-27ATCh-11 P-28ATCh-11 P-29ATCh-11 P-30ATCh-11 P-31ATCh-11 P-32ATCh-11 P-33ATCh-11 P-34ATCh-11 P-35ATCh-11 P-36ATCh-11 P-37ATCh-11 P-38ATCh-11 P-39AT

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