Contemporary Mathematics For Business & Consumers, Loose-leaf Version

8th Edition

ISBN: 9781305867185

Author: Robert Brechner, Geroge Bergeman

Publisher: South-Western College Pub

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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…

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Textbook Question

Chapter 12.I, Problem 21RE

Annuities Due

Annuity

Payment

Time

Nominal

Interest

Future Value

Payment

Frequency

Period (years)

Rate (%)

Compounded

of the Annuity

21.

$7.000

every year

3.2

annually

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Chapter 12.I, Problem 20RE

Chapter 12.I, Problem 22RE

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Directions: Use the equation A = Pet to answer each question and be sure to show all your work. 1. If $5,000 is deposited in an account that receives 6.1% interest compounded continuously, how much money is in the account after 6 years? 2. After how many years will an account have $12,000 if $6,000 is deposited, and the account receives 3.8% interest compounded continuously? 3. Abigail wants to save $15,000 to buy a car in 7 years. If she deposits $10,000 into an account that receives 5.7% interest compounded continuously, will she have enough money in 7 years? 4. Daniel deposits $8,000 into a continuously compounding interest account. After 18 years, there is $13,006.40 in the account. What was the interest rate? 5. An account has $26,000 after 15 years. The account received 2.3% interest compounded continuously. How much was deposited initially?

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Chapter 12 Solutions

Contemporary Mathematics For Business & Consumers, Loose-leaf Version

Ch. 12.I - Freeport Bank is paying 8% interest compounded...Ch. 12.I - Vista Savings Loan is paying 6% interest...Ch. 12.I - Katrina Byrd invested $250 at the end of every...Ch. 12.I - Use Table 12-1 to calculate the future value of...Ch. 12.I - Use Table 12-1 to calculate the future value of...Ch. 12.I - Use Table 12-1 to calculate the future value of...Ch. 12.I - Use Table 12-1 to calculate the future value of...Ch. 12.I - Use Table 12-1 to calculate the future value of...Ch. 12.I - Use Table 12-1 to calculate the future value of...Ch. 12.I - Use Table 12-1 to calculate the future value of...

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Annuities Due Annuity Payment Time Nominal Interest Future Value Payment Frequency Period (years) Rate (%) Compounded of the Annuity 21. $7.000 every year 10 3.2 annually

Solution Summary: The author explains how to calculate the future value of annuities due.

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Chapter 12 Solutions