The Mathematics of Money

Copyright © 2008, The McGraw-Hill Companies, Inc.

Appendix A Answers to Odd-Numbered Exercises 639

15. 89.50%; 91.75%


16. July 26; $1,499.95


17. 7%


18. $142.84


19. $15,369.08


20. $9,821.56


21. $2,958.60


22. a) $25,000, b) $32,500, c) $7,500, d)$7,500


23. 56 days


24. 24.31%; 25.04%


25. 14.20%;
    14.97%

Chapter 3 Section 3.1

1. Year Start Interest End

1 $2,500.00 $175.00 $2,675.00

2 $2,675.00 $187.25 $2,862.25

3 $2,862.25 $200.36 $3,062.61

4 $3,062.61 $214.38 $3,276.99

3. Year Start Interest End

1 $4,250.00 $276.25 $4,526.25

2 $4,526.25 $294.21 $4,820.46

3 $4,820.46 $313.33 $5,133.79

4 $5,133.79 $333.70 $5,467.49

5 $5,467.49 $355.39 $5,822.88

5. $4,205.94


6. $11,836.82; $28,022.05; $157,047.10


7. $24,194,748


8. $3,506.75


9. $3,052.66


10. All answers are approximate: a) 72 years,
    b) 36 years, c) 18 years, d) 12 years, e) 9 years,
    f) 6 years


11. All answers are approximate: a) 72%, b) 36%,
    c) 18%, d) 12%, e) 9%, f) 6%


12. Approximately 7.2%


13. $10,042.36; good approximation


14. 5102 0 4 0

3% $1,159.27 $1,343.92 $1,806.11 $3,262.04

6% $1,338.23 $1,790.85 $3,207.14 $10,285.72

9% $1,538.62 $2,367.36 $5,604.41 $31,409.42

12% $1,762.34 $3,105.85 $9,646.29 $93,050.97

25. 7.2%; 20 years


26. $261.56


27. $3,984.62


28. $85.36


29. $99,378.27


30. $0. The interest does not compound in this problem.


31. 9.39%

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