Contemporary Engineering Economics Plus MyLab Engineering with eText -- Access Card Package (6th Edition)
6th Edition
ISBN: 9780134162690
Author: Chan S. Park
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 15P
To determine
Calculate the time period.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
You are quoted an interest rate of 6% on an investment of $1000. What is the value of your investment after five years if interest is compounded as follows?
Value if interest is compounded CONTINUOUSLY
find the present value of $175 perpetuity if the interest rate is 6 percent compounded quarterly. payments are at the beginning of the period.
You are determined to have at least one million dollars on the day you retire. How much will you need to save each year over the next 40 years of your career in order to meet this goal of $1,000,000 assuming you put you money into an account that averages 10% each year?
Chapter 3 Solutions
Contemporary Engineering Economics Plus MyLab Engineering with eText -- Access Card Package (6th Edition)
Ch. 3 - Prob. 1PCh. 3 - Prob. 2PCh. 3 - Prob. 3PCh. 3 - Prob. 4PCh. 3 - Prob. 5PCh. 3 - Prob. 6PCh. 3 - Prob. 7PCh. 3 - Prob. 8PCh. 3 - Prob. 9PCh. 3 - Prob. 10P
Ch. 3 - Prob. 11PCh. 3 - Prob. 12PCh. 3 - Prob. 13PCh. 3 - Prob. 14PCh. 3 - Prob. 15PCh. 3 - Prob. 16PCh. 3 - Prob. 17PCh. 3 - Prob. 18PCh. 3 - Prob. 19PCh. 3 - Prob. 20PCh. 3 - Prob. 21PCh. 3 - Prob. 22PCh. 3 - Prob. 23PCh. 3 - Prob. 24PCh. 3 - Prob. 25PCh. 3 - Prob. 26PCh. 3 - Prob. 27PCh. 3 - Prob. 28PCh. 3 - Prob. 29PCh. 3 - Prob. 30PCh. 3 - Prob. 31PCh. 3 - Prob. 32PCh. 3 - Prob. 33PCh. 3 - Prob. 34PCh. 3 - Prob. 35PCh. 3 - Prob. 36PCh. 3 - Prob. 37PCh. 3 - Prob. 38PCh. 3 - Prob. 39PCh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 53PCh. 3 - Prob. 54PCh. 3 - Prob. 55PCh. 3 - Prob. 56PCh. 3 - Prob. 57PCh. 3 - Prob. 58PCh. 3 - Prob. 59PCh. 3 - Prob. 60PCh. 3 - Prob. 61PCh. 3 - Prob. 62PCh. 3 - Prob. 63PCh. 3 - Prob. 64PCh. 3 - Prob. 65PCh. 3 - Prob. 66PCh. 3 - Prob. 67PCh. 3 - Prob. 68PCh. 3 - Prob. 69PCh. 3 - Prob. 70PCh. 3 - Prob. 71PCh. 3 - Prob. 72PCh. 3 - Prob. 1STCh. 3 - Prob. 2STCh. 3 - Prob. 3ST
Knowledge Booster
Similar questions
- An investment promises to pay into an account that pays you 6 percent annually, $150 per month for the next twenty-two years. Suppose the first deposit into the account is made one month from today what is the value of the amount which will be in the account at the end of thirty years? Rounded to 2 decimal places. (Answer up to 2 decimal places)arrow_forwardYou want to buy an ordinary annuity that will pay you $4,000 a year for the next 20 years. You expect annual interest rates will be 8 percent over that time period. The maximum price you would be willing to pay for the annuity is closest to:arrow_forwardWhat uniform annual payment for 30 years is equivalent to spending $10,000 immediately, $10,000 at the end of 10 years, $10,000 at the end of 20 years, and $2,000 a year for 30 years? Assume an interest rate of 8%.arrow_forward
- Determine the current yield on a bond with a $200 annual interest repayment as well as a $1,550 selling price.arrow_forwardIf a one year discount bond that pays $1000 at maturity, is held for the entire year ,and the purchase price is $950 ,then the interest rate is... %arrow_forwardHow much will be in a bank account at the end of five years if $2000 is invested today at 12 percent interest per annum, compounded yearly?arrow_forward
- You want to open a savings plan for your future retirement. You are considering the following two options: Option 1: You deposit $1,000 at the end of each quarter for the first 10 years. At the end of 10 years, you make no further deposits, but you leave the amount accumulated at the end of 10 years for the next 15 years. Option 2: You do nothing for the first 10 years. Then you deposit $6,000 at the end of each year for the next 15 years. If your deposits or investments earn an interest rate of 6% compounded quarterly and you choose Option 2 over Option 1, then at the end of 25 years from now, you will have accumulated (a) $7,067 more. (b) $8,523 more. (c) $14,757 less. (d) $13,302 less.arrow_forwardYou are preparing to buy a vacation home eight years from now. The home will cost $50,000 at that time. You plan on saving three deposits at an interest rate of 10%: Deposit 1: Deposit $10,000 today. Deposit 2: Deposit $12,000 two years from now. Deposit 3: Deposit $X five years from now. How much do you need to invest in year five to ensure that you have the necessary funds to buy the vacation home at the end of year eight?arrow_forward! Show Full Solution ! *using DEFERRED ANNUITY FORMULAS ONLY *use given data below Question: Today you invest P100,00 into a fund that pays 25% interest compounded annually. Three years later you borrow P50,000 from a bank at 20% annual interest and invest in the fund. Two years later you withdraw enough money from the fund to repay the bank loan and all interest due on it. Three years from this withdrawal you taking P20,000 per year out of the fund. After five withdrawals you withdrawn the balance in the fund. How much was withdrawn?arrow_forward
- To secure a return of 4%, at what price should a bond be purchased if it is redeemable at P 1,000 in 10 years and plays annual dividends of P 35,00?arrow_forwardYou are preparing to buy a vacation home five years from now. The home will cost $100,000 at that time. You plan on saving three deposits at an interest rate of 10%:Deposit 1: Deposit $12,000 today.Deposit 2: Deposit $15,000 two years from now.Deposit 3: Deposit $ X three years from now.How much do you need to invest in year three to ensure that you have the necessary funds to buy the vacation home at the end of year five?arrow_forwardFind the present value of $750 to be paid four years from now when the prevailing interest rate is 10 percent, if interest is compounded annually.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSON
Engineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage Learning
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education