Using Table 11-1, calculate the compound amount and compound interest (in $) for the investment. (Round your answers to the nearest cent.) Principal Time Period (years) Nominal Rate (%) Interest Compounded Compound Amount Compound Interest $24,000 12 5 annually $ $
Using Table 11-1, calculate the compound amount and compound interest (in $) for the investment. (Round your answers to the nearest cent.) Principal Time Period (years) Nominal Rate (%) Interest Compounded Compound Amount Compound Interest $24,000 12 5 annually $ $
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question
Using Table 11-1, calculate the compound amount and compound interest (in $) for the investment. (Round your answers to the nearest cent.)
| Principal | Time Period (years) |
Nominal Rate (%) |
Interest Compounded |
Compound Amount |
Compound Interest |
|---|---|---|---|---|---|
| $24,000 | 12 | 5 | annually | $ | $ |
Transcribed Image Text:TABLE 11-1 Compound Interest Table (Future Value of $1 at Compound Interest)
Periods
1%
2%
3%
4%
5%
6%
7%
8%
Periods
1.00500
101000
1.01500
1.02000
1.03000
1.04000
1.0S000
1.06000
1.07000
1.08000
2
1.0 1003
102010
1.03023
1.04040
1.06090
1.08 160
1.10250
1.12360
1. 14490
1. 16640
2
3
1.01508
103030
1.04568
1.06121
1.09273
1.12486
1.15763
1.19102
1.22504
1.25971
3
1. 12551
1. 15927
1.02015
1.04060
1.06136
1.08243
1.16986
121551
1.26248
1.31080
1.36049
4
1.02525
1.05 101
1.077 28
1.10408
1.21665
1.27628
1.33823
1.40255
1.46933
1. 19405
1340 10
1.407 10
1.03038
1.06 152
109344
1.12616
1.26532
1.41852
1.50073
1.58687
1.03553
107214
1.10984
1.14869
1.22987
1.31593
1.50363
1.60578
1.71.382
1.0071
1.08286
1.12649
1.17166
1.26677
1.36857
1.47746
1.59385
1.71819
1.85093
104591
1.09369
1.14339
1.19509
1.30477
1.42331
1.55133
1.68948
1.83846
1.99900
10
1.05114
1.10462
1.16054
1.21899
1.34392
1.48024
1.62889
1.79085
1.96715
2.15892
10
11
1.05640
1.11567
1.17795
1.24337
1.38423
1.53945
1.7 1034
1.89830
2. 10485
2.33 164
11
12
1.06168
1.12683
1.19562
1.26824
1.42576
1.60103
1.79586
2.01220
2.25219
2.51817
12
13
1.06699
1.13809
1.21355
1.29361
1.46853
1.66507
1.88565
2.13293
2.40985
2.71962
13
14
1.07232
1.14947
1.23176
131948
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
254035
2.95216
3.42594
16
1.18430
1.28802
1.40024
1.65 285
1.94790
2.29202
2.69277
3. 15882
3. 70O02
17
1.08849
17
18
1.09393
1.19615
1.30734
1.42825
1. 70243
2.02582
2.40662
2.85434
3.37993
3.99602
18
19
1.09940
1.20811
1.32695
1.4568I
1.7535 I
2.10685
252695
3.02560
3.61653
4.31570
19
20
1.10490
1.22019
1.346 86
1.48595
1.80611
2.19112
2.65330
3.20714
3.86968
4.66096
20
1.1 1042
1.36706
1.38756
21
1.23239
151567
1.86029
2.27877
2.78596
3.39956
4. 14056
5.03 383
21
22
1.11597
1.24472
1.54598
1.91610
2.36992
292526
3.60354
4.43040
5.43654
22
23
1.12155
1.25716
1.40838
157690
1.97359
2.46472
3.07152
3.81975
4.74053
5.87 146
23
24
1.12716
1.26973
1.42950
1.60844
2.03279
2.56330
3.225 10
4.04893
5.07237
6.34118
24
25
1.13280
1.28243
1.45095
1.64061
2.09378
2.66584
3.38635
4.29187
5.42743
6.84848
25
Periods
9%
10%
11%
12%
13%
14%
15%
16%
17%
18%
Periods
1
1.12000
1. 17000
1. 13000
1.27690
1.09000
1.10000
1.11000
1.14000
1.15000
1.16000
1. 18000
1
2
1.18810
121000
1.232 10
1.25440
1.29960
1.32250
1.34560
1.36890
1.39240
2
1.29503
1.33 100
1.36763
1.40493
1.44290
1.48154
1.52088
1.56090
1.60 161
1.64303
3.
1.41158
146410
1.51807
157352
1.63047
1.68896
1.74901
1.81064
1.87 389
1.93878
5
1.53862
1.61051
1.68506
1.76234
1.84244
1.92541
2.01136
2.10034
2. 19245
2.28776
5
6.
1.67710
1.77 156
1.87041
1.97382
2.08 195
2.19497
2.31306
2.43640
2.56516
2.69955
1.82804
1.94872
2.176 16
2.21068
2.35 261
2.50227
2.66002
2.82622
3.00124
3. 18547
1.99256
2.14359
2.30454
2.47596
2.65844
2.85259
3.05902
3.27841
3.51 145
3.75 886
2.17189
2.35795
2.55804
2.77308
3.0004
3.25195
3.51788
3.80296
4. 10840
4.43545
10
2.36736
259374
2.83942
3.10585
3.9457
3.70722
4.045 56
4.41144
4.80683
5.23384
10
11
2.58043
2.85312
3.15176
3.47855
3.83586
4.22623
4.65239
5.11726
5.62.399
6. 17593
11
12
2.81266
3.13843
3.49845
3.89598
4.33452
4.81790
5.35025
5.93603
6.58007
7.28759
12
13
3.06580
345227
3.883 28
4.36349
4.89 801
5.49241
6.15279
6.88579
7.69 868
8.99936
13
14
3.34173
3.79750
4.31044
4.88711
5.53475
6.26135
7.07571
7.98752
9.00745
10. 14724
14
15
3.64248
4.17725
4.78459
5.47357
6.25427
7.13794
8.13706
9.26552
10.53872
11.97375
15
16
3.97031
4.59497
5.31089
6.13039
7.06733
8.13725
9.35762
10.74800
12.33030
14. 12902
16
17
4.32763
5.05447
5.89509
6.86604
7.98608
9.27646
10.761 26
12.46768
14.42646
16.67225
17
18
4.71712
5.55992
6.54355
7.68997
9.02427
10.57517
12.37545
14.46251
16.87895
19.67325
18
19
5.14166
6.11591
7.26334
8.61276
10. 19742
12.05569
14.23177
16.77652
19.74838
23.21444
19
20
5.60441
6.72750
8.06231
9.64629
11.52309
13.74349
16.36654
19.46076
23. 10560
27.39 303
20
21
6.10881
7.40025
8.94917
10.80385
13.02 109
15.66758
18.82152
22.57448
27.03355
32.32378
21
22
6.65860
8.14027
9.93357
12.10031
14.71383
17.86104
21.64475
26.18640
31.62925
38. 14206
22
23
7.25787
8.95430
11.02627
13.55235
16.62663
20.36158
24.89146
30.37622
37.00623
45.00763
23
24
791108
9.84973
12.239 16
15.17863
18.78809
23.21221
28.625 18
35.23642
43.29729 53. 10901
24
10.83471
13.58546
17.00006
21.23054
32.9 1895
40.87424
50.65 783
62.66 M3
25
8.62308
26.46192
25
The values in Table 11-1 were generated by the formula FV = (1+ i)" rounded to five decimal places, where i is the interest
rate per period and n is the total number of periods.
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