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 - With LMS CengageNOW

8th Edition

ISBN: 9781337125468

Author: Brechner

Publisher: Cengage

See similar textbooks

Concept explainers

Unitary Method

The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.

Speed, Time, and Distance

Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 …

Profit and Loss

The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.

Units and Measurements

Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experime…

Videos

Question

Chapter 11.II, Problem 21RE

To determine

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.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 11.II, Problem 20RE

Chapter 11.II, Problem 22RE

Students have asked these similar questions

2. Let Y₁,……., Y be a random sample with common mean μ and common variance σ². Use the CLT to write an expression approximating the CDF P(Ỹ ≤ x) in terms of µ, σ² and n, and the standard normal CDF Fz(·).

3. We'd like to know the first time when the population reaches 7000 people. First, graph the function from part (a) on your calculator or Desmos. In the same window, graph the line y = 7000. Notice that you will need to adjust your window so that you can see values as big as 7000! Investigate the intersection of the two graphs. (This video shows you how to find the intersection on your calculator, or in Desmos just hover the cursor over the point.) At what value t> 0 does the line intersect with your exponential function? Round your answer to two decimal places. (You don't need to show work for this part.) (2 points)

Suppose the planet of Tattooine currently has a population of 6500 people and an annual growth rate of 0.35%. Use this information for all the problems below. 1. Find an exponential function f(t) that gives the population of Tattooine t years from now. (3 points)

Chapter 11 Solutions

Contemporary Mathematics for Business & Consumers - With LMS CengageNOW

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

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.

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,

Concept explainers

Videos

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.

Want to see the full answer?

Chapter 11 Solutions