Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447



Contemporary Mathematics for Busin...

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

Stan Gray invests $3,500 at 8% interest compounded quarterly for 7 years. Calculate a new table factor and find the compound amount of Stan’s investment.

To determine

To calculate: The new table factor and compound amount invested by Stan Grey, who invested $3,500, compounded quarterly for 7 years at 8% interest rate.


Given Information:

The person Stan Grey has invested an amount of $3,500 at 8% where the useful life is 7 years with compounded quarterly.

Formula used:

The rate per period will be calculated as done below:

Interest rate per period=Nominal rate period per year

The compounding amount is calculated by the formula given below:

Compounding amount=Table factor× principal


Compound interest is defined as extra money made on original money deposited plus all preceding interests. The interest rate is 8% for 7 years quarterly. This implies that there would be 28 compounding periods (7 years times 4 periods per year).

The rate per period will be calculated as done below:

Interest rate per period=Nominal rate period per year                                    = 8%4                                    =2%

Now, it is needed to look for 28 periods value in the compound interest table, the factors used will be 20 and 8 periods at 2%.

Now, from the compound interest table, it can be seen that at the rate of interest of 2% and the compounding periods of 20, the factor at the intersection is 1

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Chapter 11 Solutions

Show all chapter solutions add
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

Additional Math Solutions

Find more solutions based on key concepts

Show solutions add

f(x)=|x|x; limxf(x); and limxf(x) x 1 10 100 1 10 100 f(x)

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

In Exercises 1322, perform the indicated operations. [638456][321057]

Finite Mathematics for the Managerial, Life, and Social Sciences

True or False: If f(c) = 0, then c is a point of inflection for f.

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

Define the concept of external validity and a threat to external validity.

Research Methods for the Behavioral Sciences (MindTap Course List)