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, rounded to five places, and calculate the compound amount for each.

Principal Time Nominal Interest New Table Compound

Period (years) Rate (%) Compounded Factor Amount

_______________________________________________________________

$13,000 3 12 monthly 1.43077 $18,600.01

To determine

To calculate: The new table factor and the compound amount when the investment of principal $13,000 is made for 3 years at 12% compounded monthly.

Explanation

Given information:

An investment with principal $13,000 is made for 3 years at 12% compounded monthly.

Formula used:

Compounding periods=Term of investments(years)×period per year

Interest rate per period = Nominal RatePeriod per year

Compound amount=Table factor×Principal

In table 11-1, the table factor is the intersection of the rate-per-period column and the number-of-periods row is the future value of $1 at compound interest.

When the number of periods of an investment is greater than the number of periods provided by the compound interest table, then compute a new table factor by following below steps:

Step1. For the stated interest rate per period, find the two table factors that represent half, or values as close as possible to half, of the periods required.

Step2. Multiply the two table factors from step 1 to form the new factor.

Step3. Round the new factor to five decimal places.

Calculation:

Consider the investment with principal $13,000 is made for 3 years at 12% compounded monthly and solve as shown below:

Compounding periods=Term of investments(years)×

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Sect-11.I P-1TIE Sect-11.I P-2TIE Sect-11.I P-3TIE Sect-11.I P-4TIE Sect-11.I P-5TIE Sect-11.I P-1RE Sect-11.I P-2RE Sect-11.I P-3RE Sect-11.I P-4RE Sect-11.I P-5RE

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

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