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Hillier Hillier
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7 years ago
Find the future value of and the compound interest on $4575.00 invested at 12.24% compounded monthly for:
a) 3.5 years
b) 7 years
c) 12.5 years
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
7 years ago
PV = 4575.00; m = 12; i =   = .0102
a) n = 3.5 * 12 = 42
   FV = 4575.00(1 + .0102)42 = 4575.00(1.5314728) = 7006.49
    Interest = 7006.49 - 4575.00 = 2431.49
b) n = 7 * 12 = 84
   FV = 4575.00(1 + .0102)84 = 4575.00(2.345409) = 10 730.25
   Interest = 10730.25 - 4575.00 = 6155.25
c) n = 12.5 * 12 = 150
   FV = 4575.00(1 + .0102)150 = 4575.00(4.5825227) = 20 965.04
    Interest = 20965.04 - 4575.00 = 16390.04
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