Basic College Mathematics (10th Edition)

Published by Pearson
ISBN 10:
ISBN 13:

Chapter 6 - Percent - Review Exercises - Page 467: 63

Answer

compound amount is 5,375.60 dollars interest is 1,375.60 dollars

Work Step by Step

Using the 3% column of the compound interest table, the compound amount for 10 years is found to be 1.3439. Multiply this amount times the principal to calculate the amount at the end of 10 years.. $1.3439×4,000=5,375.60$ dollars The interest is the difference between the compound amount and the principal. $5,375.60-4,000=1,375.60$ dollars
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