Basic College Mathematics (10th Edition)

by Lial, Margaret L.; Salzman, Stanley A.; Hestwood, Diana L.

Published by Pearson

ISBN 10: 0134467795

ISBN 13: 978-0-13446-779-5

Chapter 6 - Percent - 6.8 Compound Interest - 6.8 Exercises - Page 454: 23

Answer

Compound Amount: 1216.70 Interest: 216.70

Work Step by Step

Compound interest table for 4%, 5 years is 1.2167 $1000\times1.2167 = 1216.70$ (compound amount) $1216.70 - 1000 = 216.70$ (interest)

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