Explanation Given Information: A person is invested his winning of $ 10 , 000 in a game show for 40 years at the fixed rate and the table and the graph representing his money after the number of years is as follows, Time (in years) Value (in dollars) 0 $ 10 , 000.00 1 $ 10 , 700.00 2 $ 11 , 449.00 3 $ 12 , 250.43 4 $ 13 , 107.96 5 $ 14 , 025.52 6 $ 15 , 007.30 7 $ 16 , 057.81 The provided graph is: Calculation: Consider that a person is invested his winning of $ 10 , 000 in a game show for 40 years at the fixed rate and the table representing his money after the number of years is as follows, Time (in years) Value (in dollars) 0 $ 10 , 000.00 1 $ 10 , 700.00 2 $ 11 , 449.00 3 $ 12 , 250.43 4 $ 13 , 107.96 5 $ 14 , 025.52 6 $ 15 , 007.30 7 $ 16 , 057.81 The interest rate earned each year is calculated by firstly finding the original and new value followed by obtaining the difference of them and then divide the difference by the original value followed by multiplying the obtained value with 100 where the original value is the value at previous year and the new value is the value at present year. For year 1 , The new value is 10 , 700 and original value is 10 , 000 . Now, compute the interest rate earned in year 1 as compared to the year 0 as, Interest rate = New value − Original value Original value = 10 , 700 − 10 , 000 10 , 000 = 700 10 , 000 = 0.07 Now, obtain the percent interest rate as, 0.07 × 100 = 7.0 % For year 2 , The new value is 11 , 449 and original value is 10 , 700 . Now, compute the interest rate earned in year 2 as compared to the year 1 as, Interest rate = New value − Original value Original value = 11 , 449 − 10 , 700 10 , 700 = 749 10 , 700 = 0.07 Now, obtain the percent interest rate as, 0.07 × 100 = 7.0 % For year 3 , The new value is 12 , 250

1st Edition

ISBN: 9781259218859

Author: David Sobecki Professor, Brian A. Mercer

Publisher: McGraw-Hill Education

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Chapter 4.4, Problem 3C

To determine

To calculate: The interest rate earned each year by describing the method when a person is invested his winning of $10,000 in a game show for 40 years at the fixed rate and the table and the graph representing his money after the number of years is as follows,

Time (in years) Value (in dollars)

0 $10,000.00

1 $10,700.00

2 $11,449.00

3 $12,250.43

4 $13,107.96

5 $14,025.52

6 $15,007.30

7 $16,057.81

The provided graph is:

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Chapter 4.4, Problem 2C

Chapter 4.4, Problem 4C

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Time (in years)	Value (in dollars)
0	$10,000.00
1	$10,700.00
2	$11,449.00
3	$12,250.43
4	$13,107.96
5	$14,025.52
6	$15,007.30
7	$16,057.81

Solution Summary: The author calculates the interest rate earned each year by describing the method when a person is invested his winning of 10,000 in the game show for 40 years at the fixed rate.

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