   Chapter 11.I, Problem 33RE ### 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.A certain animal husbandry program has a flock of sheep that increases in size by 15% every year. If there are currently 48 sheep, how many sheep are expected to be in the flock in 5 years? Round to the nearest whole sheep.

To determine

To calculate: The number of sheep’s after 5 years when the initially the number of the sheep is 48 and nominal rate as 15%.

Explanation

Given information:

The number of the sheep is given as 48 with period of growth as 5 and nominal rate as 15%.

Formula used:

Compounding period can be defined as the duration or length of time from one interest payment to the next. If an investment made for 4 years at 6% compounded annually (once per year) then it would have four compounding period which can be calculated by formula given below:

Compounding periods=Term of investments(years)×m

Here, m is the period per year.

The interest rate per period can be calculated by dividing the annual, or nominal, rate by the number of periods per year,

Interest rate per period=Nominal ratePeriod per year

The compound amount (Future value) can be calculated by the formula given below:

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

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