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Concept explainers
(a)
To calculate: The future value, if
(a)
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Answer to Problem 22CT
Solution:
The future value is
Explanation of Solution
Given information:
Principle amount
Compounded interest rate per annum
Number of times the interest compounded per annum
Amount compounded number of months
Formula used:
The amount
Calculation:
Use the future value formula with
Thus, the future value is
(b)
To calculate: The principal amount, if you want to have
(b)
![Check Mark](/static/check-mark.png)
Answer to Problem 22CT
Solution:
The principal amount needed to get
Explanation of Solution
Given information:
Future Value
Compounded interest rate per annum
Number of times the interest compounded per annum
Amount compounded number of months
Formula used:
The principal amount P of A dollars to be received after t years, assuming a per annum interest rate r compounded n times per year, is
Calculation:
Use the present value formula with
Hence, the principal amount needed to get
(c)
To calculate: The years required to double your money if you can invest it at
(c)
![Check Mark](/static/check-mark.png)
Answer to Problem 22CT
Solution:
The years required to double your money, if you can invest it at
Explanation of Solution
Given information:
Amount deposited
Future Value
Rate of interest
Number of times the interest compounded per annum
Formula used:
The amount
Calculation:
Use the future value formula with
Dividing both sides by
As
By using change of base formula,
Thus, the years required to double your money, if you can invest it at
Chapter 5 Solutions
Precalculus Enhanced with Graphing Utilities
Additional Math Textbook Solutions
Calculus & Its Applications (14th Edition)
Precalculus (10th Edition)
Precalculus: Concepts Through Functions, A Unit Circle Approach to Trigonometry (4th Edition)
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Glencoe Math Accelerated, Student Edition
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- Calculus: Early TranscendentalsCalculusISBN:9781319050740Author:Jon Rogawski, Colin Adams, Robert FranzosaPublisher:W. H. FreemanCalculus: Early Transcendental FunctionsCalculusISBN:9781337552516Author:Ron Larson, Bruce H. EdwardsPublisher:Cengage Learning
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