# hw10-1 - Math 1160 Section 10.1 Answer Key 2a i =.06 or 6 n...

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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

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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?
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hw10-1 - Math 1160 Section 10.1 Answer Key 2a i =.06 or 6 n...

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