ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
expand_more
expand_more
format_list_bulleted
Question
Only typed answer
The nominal rate is 1% per month and compounding occurs monthly, what is the effective rate for 12 months.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- You want to borrow $1500 at 8% and you are willing to pay $210 in simple interest.How long can you keep the moneyarrow_forwardK A new oven will save $130 per year in electricity expense. How much can we afford to pay for this oven if it is expected to last 15 years? The interest rate is 12% per year. Click the icon to view the interest and annuity table for discrete compounding when i = 12% per year. The affordable amount of payment is $ (Round to the nearest dollar)arrow_forwardAn amount of $5000 was invested into a fund that pays a certain % per annum compounded quarterly. After n quarters the fund stood at $6736,76 and after a further 3 years , it stood at $ 10535,91. Determine the values of n and the certain %arrow_forward
- I need help with this problem I'm getting the final answer as 13,565.24 but it is incorrect. The correct answer is 16,247 using the annuity formula. please solve and show all of your workarrow_forwardWHAT IS THE PRESENT WORTH OF $500 DEPOSITED AT THE END OF EVERY THREE MONTHS FOR 6 YEARS IF THE INTEREST RATE IS 12% COMPOUNDED SEMIANNUALLY? ANS SHOULD BE: $8,504arrow_forwardthe future worth of a ten year geometric gradient series of cash flow is $75,000. if the interest rate is 10% p.a. and the annual rate increase was 7% pa.a, what is the cash flow amount at the end of year 5arrow_forward
- If you borrow $14000 now at 10% interest for 7 years, what is the total accumulated compound interest owed at the end of year 7?arrow_forwardA man borrowed P 80,000 and promised to pay the amount after 8 months with 12% interest. What is the future amount(P)?arrow_forwardA retirement account has an effective interest rate is 1% per month. If they want to have $800,000 in her retirement account at the end of 24 years, how much do they need to contribute to their account each paycheck.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education