Calculating Interest Rates: Solve for the unknown interest rate in each of the following:
Present Value | Years | Interest Rate | Future Value | |
217 | 3 | 293 | ||
432 | 10 | 1,053 | ||
41,000 | 16 | 162,181 | ||
54,382 | 19 | 483,500 |
Calculating Future Values: Compute the future value of $3550 compounded annually for
a. 10 years at 6%
b. 10 years at 8%
c. 20 years at 6%
d. Why is the interest earned in part (c) not twice the amount earned in part (a)?
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Statementshowing Computations |
Paticulars |
a) |
293 = 217(1+r/100)^3 |
1.3502 = (100+r/100)^3 |
1.1053 = (100+r)/100 |
110.53 = 100 + r |
r = 10.53% |
b) |
432 = 1053(1+r/100)^10 |
2.4375 = (1+r/100)^10 |
1.0932 = (100 +r)/100 |
109.32 - 100 =r |
r = 9.32% |
c) |
162,181 = 41000(1+r/100)^16 |
3.9556 = (1+r/100)^16 |
1.0897 = (100 +r)/100 |
108.97 = 100 + r |
r = 8.97% |
d) |
483500 = 54382(1+r/100)^19 |
8.8908 = (100 +r/100)^19 |
1.1219 = (100 +r)/100 |
112.19 - 100 =r |
r = 12.19% |
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