(a) Explanation Given information: The amount $2,000 grow to $5,000 when invested at an annual rate of 8% if interest is compounded − quarterly. Calculation: From the given data, P 0 =2000 and the final amount will be 5000 dollars. Annual rate is 8% then r=0.08. When compounded is quarterly then n=4, The formula used is, P ( t ) = P 0 ( ( 1 + r n ) n t ⇒ 5000 = 2000 ( ( 1 + 0.08 4 ) 4 t ⇒ 4 t ln ( 4 (b) To determine To calculate: To calculate the value of “t’ if the interest is compounded monthly. (c) To determine To calculate the value of “t’ if the interest is compounded continuously.

7th Edition

ISBN: 9781524916817

Author: SMITH KARL J, STRAUSS MONTY J, TODA MAGDALENA DANIELE

Publisher: Kendall Hunt Publishing

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Chapter 2, Problem 28PE

(a)

To determine

To calculate: To calculate the value of “t’ if the interest is compounded quarterly.

(b)

To determine

To calculate: To calculate the value of “t’ if the interest is compounded monthly.

(c)

To determine

To calculate the value of “t’ if the interest is compounded continuously.

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Chapter 2, Problem 27PE

Chapter 2, Problem 29PE

Chapter 2 Solutions

Calculus

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To calculate the value of “t’ if the interest is compounded quarterly.

Solution Summary: The author calculates the value of "t" if the interest is compounded quarterly.

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To calculate: To calculate the value of “t’ if the interest is compounded quarterly.

To calculate: To calculate the value of “t’ if the interest is compounded monthly.

To calculate the value of “t’ if the interest is compounded continuously.

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Chapter 2 Solutions