Explanation Formula used: To find the compound amount : “The compound amount or the accumulated amount is obtained by the formula A = P ( 1 + r n ) n t , where, P is original principal, t is time in years, r is rate per year expressed as decimal equivalent and n is compounding periods per year.” Calculation: Obtain the amount Adams should invest on a down payment at 9.5% for a year to make an amount of $8,000 as follows. Here A = 8000 , n = 1 , r = 0.095 and t = 1 . Substitute the above values in the compound amount formula as follows

MML F/COLLEGE MAT F/TRADES - ACCESS CODE

10th Edition

ISBN: 9781323845967

Author: Hobbs

Publisher: PEARSON

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Chapter 16, Problem 36RE

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The amount Adams should invest on a down payment at 9.5% for a year to make an amount of $8,000.

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Chapter 16, Problem 35RE

Chapter 16, Problem 37RE

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Chapter 16 Solutions

MML F/COLLEGE MAT F/TRADES - ACCESS CODE

Ch. 16.1 - Prob. 1LC Ch. 16.1 - Prob. 1E Ch. 16.1 - Prob. 2E Ch. 16.1 - Prob. 3E Ch. 16.1 - Prob. 4E Ch. 16.1 - Prob. 5E Ch. 16.1 - Prob. 6E Ch. 16.1 - Prob. 7E Ch. 16.1 - Prob. 8E Ch. 16.1 - Prob. 9E

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