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 which is invested at 12% interest for 2 years to make an amount of $700 as follows. Here P = 700 , n = 12 , r = 0.12 and t = 2 . Substitute the above values in the compound amount formula as follows

Mylab Math With Pearson Etext -- Standalone Access Card -- For College Mathematics For Trades And Technologies (10th Edition) (my Math Lab)

10th Edition

ISBN: 9780134880402

Author: Hobbs, Margie; Cleaves, Cheryl

Publisher: PEARSON

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Chapter 16, Problem 40RE

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Whether a person should accept the offer of $700 or $800 to be paid in 2 years at rate of 12% interest which is compounded monthly.

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Chapter 16, Problem 39RE

Chapter 16, Problem 41RE

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Chapter 16 Solutions

Mylab Math With Pearson Etext -- Standalone Access Card -- For College Mathematics For Trades And Technologies (10th Edition) (my Math Lab)

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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