Explanation Given information: The population of songbirds in 8 years is $ 55 , 000 , 000 with growth rate as 2 % per year. Formula used: Compounding period can be calculated by formula given below: Compounding periods = Term of investments ( years ) × m Here, m is the period per year. The interest rate per period can be calculated by dividing the annual, or nominal, rate by the number of periods per year, Interest rate per period = Nominal rate Period per year The present value (principal) can be calculated by the formula given below: Principal = Table factor × Compound amount In Present value table, the table factor is the intersection of the rate-per-period column and the number-of-periods row is the present value of $ 1 at compound interest. Calculation: Consider the population of songbirds in 8 years is $ 55 , 000 , 000 with growth rate as 2 % per year and solve as shown below: Since, the variables-compound amount, time period (years), nominal rate and interest compounded are given; therefore, the compounding period can be calculated as below: Compounding periods ( n ) =

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305585447

Author: Robert Brechner, Geroge Bergeman

Publisher: Cengage Learning

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Chapter 11.II, Problem 21RE

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To calculate: The beginning population of songbirds when, the population of songbirds in 8 years is $55,000,000 with growth rate as 2% per year and round to the nearest million.

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Chapter 11.II, Problem 20RE

Chapter 11.II, Problem 22RE

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Chapter 11 Solutions

Contemporary Mathematics for Business & Consumers

Ch. 11.I - Gail Parker invested $10,000 at 6% interest...Ch. 11.I - Jenny Chao invested $20,000 at 6% interest...Ch. 11.I - Prob. 3TIE Ch. 11.I - Jill Quinn invested $7,000 in a certificate of...Ch. 11.I - Prob. 5TIE Ch. 11.I - Prob. 1RE Ch. 11.I - For the following investments, find the total...Ch. 11.I - For the following investments, find the total...Ch. 11.I - Prob. 4RE Ch. 11.I - Prob. 5RE

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The beginning population of songbirds when, the population of songbirds in 8 years is $ 55 , 000 , 000 with growth rate as 2 % per year and round to the nearest million.

Solution Summary: The author explains how the beginning population of songbirds is 55,000,000 with growth rate as 2% per year. The interest rate per period can be calculated by dividing the annual, or nominal,

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To calculate: The beginning population of songbirds when, the population of songbirds in 8 years is $55,000,000 with growth rate as 2% per year and round to the nearest million.

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Chapter 11 Solutions