To determine To calculate: The compound amount and the amount of interest earned. Explanation Given: An amount of $ 2800 ( P ) is compounded annually for the period of 12 years ( n ) and the rate of interest is 6 % ( i ). Formula Used: A = P ( 1 + i ) n , where ‘A’ be the compound amount, ‘P’ be the principal amount, ‘i’ be the rate of interest and ‘n’ be the number of years. Calculation: Step 1: Rate is expressed as a decimal while calculating the interest. Thus, to convert the rate percent into a decimal, rate percent is divided by 100. r = 6 % = 6 100 = 0.06 Step 2: Now, in order to compute the compound amount of the deposit whose principal amount is $ 2800 , rate of interest is 6 % , and number of years is 12 years, following formula should be used: A = P ( 1 + i ) n = $ 2800 ( 1 + 0

12th Edition

ISBN: 9780135335215

Author: Lial

Publisher: PEARSON

See similar textbooks

Concept explainers

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…

Videos

Question

Chapter 5, Problem 15RE

To determine

To calculate: The compound amount and the amount of interest earned.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 5, Problem 14RE

Chapter 5, Problem 16RE

Students have asked these similar questions

1.6. By manipulating Taylor series, determine the constant C for an error expansion of (1.3) of the form wj−u' (xj) ~ Ch¼u (5) (x;), where u (5) denotes the fifth derivative. Based on this value of C and on the formula for u(5) (x) with u(x) = esin(x), determine the leading term in the expansion for w; - u'(x;) for u(x) = esin(x). (You will have to find maxε[-T,T] |u(5) (x)| numerically.) Modify Program 1 so that it plots the dashed line corresponding to this leading term rather than just N-4. This adjusted dashed line should fit the data almost perfectly. Plot the difference between the two on a log-log scale and verify that it shrinks at the rate O(h6).

4. Evaluate the following integrals. Show your work. a) -x b) f₁²x²/2 + x² dx c) fe³xdx d) [2 cos(5x) dx e) √ 35x6 3+5x7 dx 3 g) reve √ dt h) fx (x-5) 10 dx dt 1+12

Define sinc(x) = sin(x)/x, except with the singularity removed. Differentiate sinc(x) once and twice.

Chapter 5 Solutions

MATH W/APPLICATIONS W/ACCESS

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.