Chapter 1.3, Problem 3PR

How long will it take you to double your money if you invest it at a rate of 8% compounded annually?

One hundred dollars is invested at 7.2% interest compounded annually. Determine how much the investment is worth after: a. I year b. 5 years c. 10 years d. 20 years e. Use your answers to parts (a)-(d) to estimate the doubling time for the investment.

6) A farmer has 60 acres on which to plant oats or corn. Each acre of oats requires 100 lbs of fertilizer and 1 hour of labor. Each acre of corn requires 50 lbs of fertilizer and 2 hours of labor. The farmer has 5000 lbs of fertilizer and 100 hours available for labor. If the profit is $60 from each acre of oats and $100 from each acre of corn, what planting combination will produce the greatest total profit? a) Fill in the following chart to help organize the information given in the problem: Oats Labor Fertilizer Land Profit b) Write down the question of interest. Corn Available c) Define variables to answer the question of interest. Call these x and y. d) Write the objective function to answer the question of interest. e) List any constraints given in the problem.