Solve the following problem using either Table 11-1 or Table 11-2 from your text. When necessary, create new table factors. (Round new table factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent) Calculate the compound interest on an investment of $34,000 at 8% interest, compounded quarterly, for 5 years. O $13,600.00 O $15,957.22 O $16,522.30 O $50,522.30

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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Solve the following problem using either Table 11-1 or Table 11-2 from your text. When necessary, create new table factors. (Round new table factors to five decimal places, round dollars to the
nearest cent and percents to the nearest hundredth of a percent)
Calculate the compound interest on an investment of $34,000 at 8% interest, compounded quarterly, for 5 years.
O $13,600.00
O $15,957.22
O $16,522.30
O $50,522.30
Transcribed Image Text:Solve the following problem using either Table 11-1 or Table 11-2 from your text. When necessary, create new table factors. (Round new table factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent) Calculate the compound interest on an investment of $34,000 at 8% interest, compounded quarterly, for 5 years. O $13,600.00 O $15,957.22 O $16,522.30 O $50,522.30
23 214-
1/1
TABLE 11-1 Compound Interest Table (Future Value of $1 at Compound Interest)
Perlods
1%
2%
3%
4%
5%
6%
7%
8%
Perlods
1.05000
1.06000
1.12360
1.00500
1.01000
1.01500
1.02000
1.03000
1.04000
1.07000
LO8000
2
1.01003
1.02010
1.03023
1.04040
L.06090
1.08160
1.10250
1.14490
1.16640
3
1.01508
1.03030
1,04568
1.06121
L.09273
1.12486
1.15763
1.19102
1.22504
L.25971
3
4
1.02015
1.04060
1.06136
1.08243
1.12551
1.16986
1.21551
1.26248
1.31080
1.36049
4
1.02525
1.05101
1.07728
1.10408
1.15927
1.21665
1.27628
1.33823
1.40255
L.46933
1.03038
1.03553
1.06152
L.09344
1.12616
1.19405
1.26532
1.34010
1.41852
1.50073
1.58687
6.
7
1.07214
1.10984
1.14869
1.22987
1.31593
1.40710
1.50363
1.60578
1.71382
1.04071
1.08286
1.12649
1.17166
1.26677
1.36857
1.47746
1.59385
1.71819
1.85093
1.83846
1.96715
6.
1.04591
1.09369
1.14339
1.19509
1.30477
1.42331
1.55133
1.68948
1.99900
9
10
1.05114
1.10462
1.16054
121899
1.34392
1.48024
1.62889
1.79085
2.15892
10
11
1.05640
1.11567
1.17795
1.24337
1.38423
1.53945
1.71034
1.89830
2.10485
2.33164
11
12
1.06168
1.12683
1.19562
1.26824
1.42576
1.60103
1.79586
2.01220
2.25219
2 51817
12
2.71962
1.06699
1.07232
1.21355
1.23176
13
1.13809
1.29361
1.46853
1.66507
1.88565
2.13293
2.40985
13
14
1.14947
1.31948
1.51259
1.73168
1.97993
2.26090
2.57853
2.93719
14
15
1.07768
1.16097
1.25023
1.34587
1.55797
1.80094
2.07893
2.39656
2.75903
3.17217
15
16
1.08307
1.17258
1.26899
1.37279
1.60471
1.87298
2.18287
2.54035
2.95216
3.42594
16
2.69277
3.70002
17
1.65285
1.70243
17
1.08849
1.18430
1.28802
1.40024
1.94790
2.29202
3.15882
18
1.09393
L.19615
1.30734
1.42825
2.02582
2.40662
2.85434
3.37993
3.99602
18
19
1.09940
1.20811
1.32695
1.45681
1.75351
2.10685
2.52695
3.02560
3.61653
4.31570
19
20
1.10490
1.22019
1.34686
1.48595
1.80611
2.19112
2.65330
3.20714
3.86968
4.66096
20
1.11042
1.11597
5.03383
5.43654
21
1.23239
1.36706
1.51567
1.86029
2.27877
2.78596
3.39956
4.14056
21
22
1.24472
1.38756
1.54598
1.91610
2.36992
2.92526
3.60354
4.43040
22
23
1.12155
1.25716
1.40838
1.57690
1.97359
2.46472
3.07152
3.81975
4.74053
5.87146
23
5.07237
6.34118
2.03279
2.09378
1.26973
4.04893
24
1.60844
1.64061
24
1.12716
1.42950
2.56330
3.22510
25
1.13280
1.28243
1.45095
2.66584
3.38635
4.29187
5.42743
6.84848
25
Periods
10%
11%
12%
13%
14%
15%
16%
17%
18%
Periods
1.14000
1.29960
1.10000
1.13000
1.15000
1.16000
1.17000
L.18000
L11000
1.23210
1.09000
1.12000
1.25440
1.27690
1.32250
1.34560
1.39240
1.36890
1.60161
1.18810
1.21000
3.
1.29503
1.33100
1.36763
1.40493
1.44290
1.48154
1.52088
1.56090
1.64303
3
1
1.46410
1.87389
2.19245
4
1.41158
1.S1807
1.57352
1.63047
1.68896
1.74901
1.81064
1.93878
4.
1.53862
161051
1.68506
1.76234
1.84244
1.92541
2.01136
2.10034
2.28776
2.69955
3.18547
3.75886
4.43545
1.77156
2.08195
2.19497
2.31306
2.43640
2.56516
3.00124
3.51145
4.10840
1.67710
1.87041
1.97382
1.82804
1.94872
2.07616
221068
2.35261
2.50227
2.66002
2.82622
2.65844
2.47596
2.77308
3.10585
2.85259
3.05902
3.27841
3.80296
4,41144
1.99256
2.14359
2.30454
9
2.17189
2.35795
2.55804
3.00404
3.25195
3.51788
9
10
2.36736
2.59374
2.83942
3.39457
3.70722
4.04556
4.80683
5.23384
10
S.62399
6.58007
7.69868
11
2.58043
2.85312
3.15176
3.47855
3.83586
4.22623
4.65239
5.11726
6.17593
7.28759
5.35025
6.15279
3.89598
4.33452
4.81790
5.93603
12
3.13843
3.45227
3.79750
12
2.81266
3.49845
3.88328
4.36349
4.88711
13
3.06580
4.89801
5.49241
6.88579
8.59936
13
7.98752
9.00745
10.14724
10.53872 1197375
6.26135
7.07571
14
4.31044
4.78459
14
3.34173
5.53475
15
3.64248
4.17725
5.47357
6.25427
7.13794
8.13706
9.26552
15
6.13039
6.86604
7.06733
7.98608
9.35762
10.76126
10.74800
12.16768
14.16251
16.77652
12.33030
14.42616 16.67225
8.13725
9.27646
10.57517
12.05569
11.52309 13.74349
14.12902
16
5.31089
5.89509
16
3.97031
4.59497
17
4.32763
5.05447
17
18
4.71712
5.55992
6.54355
7.68997
9.02427
12.37545
16.87895
19.67325
18
19.74838
861276
9.64629
6.11591
23.21414
19
7.26334
8.06231
19
5.14166
ID.19742
14.23177
20
5.60441
6.72750
16.36654
19.16076
23.10560
27.39303
20
22.57448
21
10.80385
12.10031
13.55235
15.17863
17.00006
15.66758
17.86104
20.36158
23.2122
26.16192
18.82152
21.64475
21.89146
28.62518
32.91595
27,03355
31.62925
32.32378
7.40025
8.14027
8.94917
9.93357
13.02109
14.71383
16.62663
IN.78809
21.23054
6.10881
6.65860
21
22
26.18640
38.14206
22
37.00623
45.00763
43.29729 53. 10901
23
11.02627
12.23916
13.58546
30.37622
35.23642
40.87424
23
7.25787
8.95430
24
9.84973
10.83471
24
7.91108
50.65783 62.66863
25
25
8.62308
The values in Table 11-1 were generated by the formula FV= (-0 rounded to five decimal places, where i is the interest
rate per period and a is the total number of periods.
Transcribed Image Text:23 214- 1/1 TABLE 11-1 Compound Interest Table (Future Value of $1 at Compound Interest) Perlods 1% 2% 3% 4% 5% 6% 7% 8% Perlods 1.05000 1.06000 1.12360 1.00500 1.01000 1.01500 1.02000 1.03000 1.04000 1.07000 LO8000 2 1.01003 1.02010 1.03023 1.04040 L.06090 1.08160 1.10250 1.14490 1.16640 3 1.01508 1.03030 1,04568 1.06121 L.09273 1.12486 1.15763 1.19102 1.22504 L.25971 3 4 1.02015 1.04060 1.06136 1.08243 1.12551 1.16986 1.21551 1.26248 1.31080 1.36049 4 1.02525 1.05101 1.07728 1.10408 1.15927 1.21665 1.27628 1.33823 1.40255 L.46933 1.03038 1.03553 1.06152 L.09344 1.12616 1.19405 1.26532 1.34010 1.41852 1.50073 1.58687 6. 7 1.07214 1.10984 1.14869 1.22987 1.31593 1.40710 1.50363 1.60578 1.71382 1.04071 1.08286 1.12649 1.17166 1.26677 1.36857 1.47746 1.59385 1.71819 1.85093 1.83846 1.96715 6. 1.04591 1.09369 1.14339 1.19509 1.30477 1.42331 1.55133 1.68948 1.99900 9 10 1.05114 1.10462 1.16054 121899 1.34392 1.48024 1.62889 1.79085 2.15892 10 11 1.05640 1.11567 1.17795 1.24337 1.38423 1.53945 1.71034 1.89830 2.10485 2.33164 11 12 1.06168 1.12683 1.19562 1.26824 1.42576 1.60103 1.79586 2.01220 2.25219 2 51817 12 2.71962 1.06699 1.07232 1.21355 1.23176 13 1.13809 1.29361 1.46853 1.66507 1.88565 2.13293 2.40985 13 14 1.14947 1.31948 1.51259 1.73168 1.97993 2.26090 2.57853 2.93719 14 15 1.07768 1.16097 1.25023 1.34587 1.55797 1.80094 2.07893 2.39656 2.75903 3.17217 15 16 1.08307 1.17258 1.26899 1.37279 1.60471 1.87298 2.18287 2.54035 2.95216 3.42594 16 2.69277 3.70002 17 1.65285 1.70243 17 1.08849 1.18430 1.28802 1.40024 1.94790 2.29202 3.15882 18 1.09393 L.19615 1.30734 1.42825 2.02582 2.40662 2.85434 3.37993 3.99602 18 19 1.09940 1.20811 1.32695 1.45681 1.75351 2.10685 2.52695 3.02560 3.61653 4.31570 19 20 1.10490 1.22019 1.34686 1.48595 1.80611 2.19112 2.65330 3.20714 3.86968 4.66096 20 1.11042 1.11597 5.03383 5.43654 21 1.23239 1.36706 1.51567 1.86029 2.27877 2.78596 3.39956 4.14056 21 22 1.24472 1.38756 1.54598 1.91610 2.36992 2.92526 3.60354 4.43040 22 23 1.12155 1.25716 1.40838 1.57690 1.97359 2.46472 3.07152 3.81975 4.74053 5.87146 23 5.07237 6.34118 2.03279 2.09378 1.26973 4.04893 24 1.60844 1.64061 24 1.12716 1.42950 2.56330 3.22510 25 1.13280 1.28243 1.45095 2.66584 3.38635 4.29187 5.42743 6.84848 25 Periods 10% 11% 12% 13% 14% 15% 16% 17% 18% Periods 1.14000 1.29960 1.10000 1.13000 1.15000 1.16000 1.17000 L.18000 L11000 1.23210 1.09000 1.12000 1.25440 1.27690 1.32250 1.34560 1.39240 1.36890 1.60161 1.18810 1.21000 3. 1.29503 1.33100 1.36763 1.40493 1.44290 1.48154 1.52088 1.56090 1.64303 3 1 1.46410 1.87389 2.19245 4 1.41158 1.S1807 1.57352 1.63047 1.68896 1.74901 1.81064 1.93878 4. 1.53862 161051 1.68506 1.76234 1.84244 1.92541 2.01136 2.10034 2.28776 2.69955 3.18547 3.75886 4.43545 1.77156 2.08195 2.19497 2.31306 2.43640 2.56516 3.00124 3.51145 4.10840 1.67710 1.87041 1.97382 1.82804 1.94872 2.07616 221068 2.35261 2.50227 2.66002 2.82622 2.65844 2.47596 2.77308 3.10585 2.85259 3.05902 3.27841 3.80296 4,41144 1.99256 2.14359 2.30454 9 2.17189 2.35795 2.55804 3.00404 3.25195 3.51788 9 10 2.36736 2.59374 2.83942 3.39457 3.70722 4.04556 4.80683 5.23384 10 S.62399 6.58007 7.69868 11 2.58043 2.85312 3.15176 3.47855 3.83586 4.22623 4.65239 5.11726 6.17593 7.28759 5.35025 6.15279 3.89598 4.33452 4.81790 5.93603 12 3.13843 3.45227 3.79750 12 2.81266 3.49845 3.88328 4.36349 4.88711 13 3.06580 4.89801 5.49241 6.88579 8.59936 13 7.98752 9.00745 10.14724 10.53872 1197375 6.26135 7.07571 14 4.31044 4.78459 14 3.34173 5.53475 15 3.64248 4.17725 5.47357 6.25427 7.13794 8.13706 9.26552 15 6.13039 6.86604 7.06733 7.98608 9.35762 10.76126 10.74800 12.16768 14.16251 16.77652 12.33030 14.42616 16.67225 8.13725 9.27646 10.57517 12.05569 11.52309 13.74349 14.12902 16 5.31089 5.89509 16 3.97031 4.59497 17 4.32763 5.05447 17 18 4.71712 5.55992 6.54355 7.68997 9.02427 12.37545 16.87895 19.67325 18 19.74838 861276 9.64629 6.11591 23.21414 19 7.26334 8.06231 19 5.14166 ID.19742 14.23177 20 5.60441 6.72750 16.36654 19.16076 23.10560 27.39303 20 22.57448 21 10.80385 12.10031 13.55235 15.17863 17.00006 15.66758 17.86104 20.36158 23.2122 26.16192 18.82152 21.64475 21.89146 28.62518 32.91595 27,03355 31.62925 32.32378 7.40025 8.14027 8.94917 9.93357 13.02109 14.71383 16.62663 IN.78809 21.23054 6.10881 6.65860 21 22 26.18640 38.14206 22 37.00623 45.00763 43.29729 53. 10901 23 11.02627 12.23916 13.58546 30.37622 35.23642 40.87424 23 7.25787 8.95430 24 9.84973 10.83471 24 7.91108 50.65783 62.66863 25 25 8.62308 The values in Table 11-1 were generated by the formula FV= (-0 rounded to five decimal places, where i is the interest rate per period and a is the total number of periods.
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