hw10-1 - Math 1160 Section 10.1 Answer Key 2a. i = .06 or...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Math 1160 – Section 10.1 Answer Key 2a . i = .06 or 6% n = 3 2b . i = .005 or .5% n = 54 2c. i = .0225 or 2.25% n = 15 4a. i = .000865 or .0865% n = 52 P = $7170.12 F = $7500 4b . i = .005 or .5% n = 360 P = $3000 F = $18,067.73 4c . i = .02 or 2% n = 1524 P = $24 F = $306,812,469,900,000 6 . $8203.48 N = 10 I % = 2 10000 PV = ? OR (1 + .02) 10 PMT = 0 FV = 10000 8. $1075.72 N = 365 I% = 7.3/365 = .02 PV = -1000 OR 1000(1 + .0002) 365 PMT = 0 FV = ? 10 . Balance = $2638.96 Interest = $638.96 (FV – PV) N = 14 I% = 2 PV = -2000 OR 2000(1 + .02) 14 PMT = 0 FV = ? 12a. $3047.82 N = 60 I% = 2 10000 PV = ? OR (1 + .02) 60 PMT = 0 FV = 10000 12b . $10,000 - $3047.82 = $6952.18 (FV – PV = interest earned) 14. $7870.98 N = 48 I% = .5 10000 PV = ? OR (1 + .005) 48 PMT = 0 FV = 10000
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
20. $7000 now is more profitable. Compare the value of both options in 9 years. Find the FV of the $7000 invested for 9 years and compare its value to $10,000 received in 9 years. Which one is greater?
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

hw10-1 - Math 1160 Section 10.1 Answer Key 2a. i = .06 or...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online