To determine To calculate: a) The compound amount. b) The amount of interest earned for each deposit. Explanation Given: An amount of $17,000 ( P ) is compounded annually for the period of 11 years ( n ) and the rate of interest is 4% ( i ). Formula Used: A = P ( 1 + i ) n , where ‘A’ be the compound amount, ‘P’ be the Principal value and ‘i’ be the rate of interest. Amount of interest = Compound amount − principal Calculation: a) In order to compute the compound amount of the deposit whose principal amount is $17,000 and rate of interest is 4% and number of years ( n ) is 11 years, following formula should be used. Here principal is multiplied by the sum of rate of interest and 1. A = P ( 1 + i ) n = $ 17 , 000 ( 1 + 0.04 ) 11 = $ 17 , 000 ( 1

Mathematics with Applications In the Management, Natural, and Social Sciences (12th Edition)

12th Edition

ISBN: 9780134767628

Author: Margaret L. Lial, Thomas W. Hungerford, John P. Holcomb, Bernadette Mullins

Publisher: PEARSON

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Chapter 5.2, Problem 2CP

To determine

To calculate:

a) The compound amount.

b) The amount of interest earned for each deposit.

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Chapter 5.2, Problem 1CP

Chapter 5.2, Problem 3CP

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