Basic College Mathematics (9th Edition)

Published by Pearson
ISBN 10: 0321825535
ISBN 13: 978-0-32182-553-7

Chapter 6 - Percent - Review Exercises - Page 469: 65

Answer

The compound amount is 4108.32 dollars. The interest is 508.32 dollars.

Work Step by Step

Using the 4.5% column of the compound interest table, the compound amount for 3 years is found to be 1.1412. Multiply this amount times the principal to calculate the amount at the end of 3 years.. $1.1412×3600=4108.32$ dollars The interest is the difference between the compound amount and the principal. $4108.32-3600=508.32$ dollars
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.