Basic College Mathematics (10th Edition)

Published by Pearson
ISBN 10:
ISBN 13:

Chapter 6 - Percent - Review Exercises - Page 467: 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
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