Using Table 11-1, compute the amount of compound interest (in $) earned in 1 year and the annual percentage yield (APY) for the investment. (Round your answers to two decimal places.) Principal Nominal Compound Interest Annual Percentage Interest Rate (%) Compounded Earned in 1 Year $34,000 12 monthly $ Yield (APY) % Periods % 1% 1% 2% 3% 4% 5% 6% 7% 8% Periods 1 1.00500 1.01000 1.01500 1.02000 1.03000 1.04000 1.05000 1.06000 1.07000 1.08000 1 2 1.01003 1.02010 1.03023 1.04040 1.06090 1.08160 1.10250 1.12360 1.14490 1.16640 2 3 1.01508 1.03030 1.04568 1.06121 1.09273 1.12486 1.15763 1.19102 1.22504 1.25971 3 4 1.02015 1.04060 1.06136 1.08243 1.12551 1.16986 1.21551 1.26248 1.31080 1.36049 4 5 1.02525 1.05101 1.07728 1.10408 1.15927 1.21665 1.27628 1.33823 1.40255 1.46933 5 10 67890 1.03038 1.06152 1.09344 1.12616 1.19405 1.26532 1.34010 1.41852 1.50073 1.58687 1.03553 1.07214 1.10984 1.14869 1.22987 1.31593 1.40710 1.50363 1.60578 1.71382 1.04071 1.08286 1.12649 1.17166 1.26677 1.36857 1.47746 1.59385 1.71819 1.85093 1.04591 1.09369 1.14339 1.19509 1.30477 1.42331 1.55133 1.68948 1.83846 1.99900 1.05114 1.10462 1.16054 1.21899 1.34392 1.48024 1.62889 1.79085 1.96715 2.15892 10 67890 11 1.05640 1.11567 1.17795 1.24337 1.38423 1.53945 1.71034 2216 62822 22222 1.06168 1.12683 1.19562 1.26824 1.42576 1.60103 1.79586 13 1.06699 1.13809 1.21355 1.29361 1.46853 1.66507 1.88565 1.89830 2.10485 2.33164 2.01220 2.25219 2.51817 2.13293 2.40985 2.71962 14 1.07232 1.14947 1.23176 1.31948 1.51259 1.73168 1.97993 2.26090 15 1.07768 1.16097 1.25023 1.34587 1.55797 1.80094 2.07893 2.39656 2.57853 2.93719 2.75903 3.17217 16 1.08307 1.17258 1.26899 1.37279 1.60471 1.87298 2.18287 17 1.08849 1.18430 1.28802 1.40024 1.65285 1.94790 2.29202 2.54035 2.95216 3.42594 2.69277 3.15882 3.70002 18 1.09393 1.19615 1.30734 1.42825 1.70243 2.02582 2.40662 2.85434 3.37993 3.99602 19 1.09940 1.20811 1.32695 1.45681 1.75351 2.10685 2.52695 3.02560 20 1.10490 1.22019 1.34686 1.48595 1.80611 2.19112 2.65330 3.20714 3.61653 4.31570 3.86968 4.66096 21 1.11042 1.23239 1.36706 1.51567 1.86029 2.27877 2.78596 3.39956 4.14056 5.03383 1.11597 1.24472 1.38756 1.54598 1.91610 2.36992 2.92526 3.60354 4.43040 5.43654 23 1.12155 1.25716 1.40838 1.57690 1.97359 2.46472 3.07152 3.81975 4.74053 5.87146 24 1.12716 1.26973 1.42950 1.60844 2.03279 2.56330 3.22510 4.04893 25 1.13280 1.28243 1.45095 1.64061 2.09378 2.66584 3.38635 4.29187 5.07237 6.34118 5.42743 6.84848 =2315 62222 22222 11 14 16 17 18 19 20 21 23 24 25 Periods 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% Periods 1 1.09000 1.10000 1.11000 1.12000 1.13000 1.14000 1.15000 1.16000 1.17000 1.18000 1 2 1.18810 1.21000 1.23210 1.25440 1.27690 1.29960 1.32250 1.34560 1.36890 1.39240 2 3 1.29503 1.33100 1.36763 1.40493 1.44290 1.48154 1.52088 1.56090 1.60161 1.64303 3 4 1.41158 1.46410 1.51807 1.57352 1.63047 1.68896 1.74901 1.81064 1.87389 1.93878 4 5 1.53862 1.61051 1.68506 1.76234 1.84244 1.92541 2.01136 2.10034 2.19245 2.28776 5 10 67820 1.67710 1.77156 1.87041 1.97382 2.08195 2.19497 2.31306 2.43640 2.56516 2.69955 1.82804 1.94872 2.07616 2.21068 2.35261 2.50227 2.66002 1.99256 2.14359 2.30454 2.47596 2.65844 2.85259 3.05902 9 2.17189 2.35795 2.55804 2.77308 3.00404 3.25195 2.36736 2.59374 2.83942 3.10585 3.39457 3.70722 2.82622 3.00124 3.18547 3.27841 3.51145 3.75886 3.51788 3.80296 4.10840 4.43545 4.04556 4.41144 4.80683 5.23384 67 8 9 10 11 2.58043 2.85312 3.15176 3.47855 12 2.81266 3.13843 3.49845 3.89598 13 3.06580 3.45227 3.88328 4.36349 14 3.34173 3.79750 4.31044 4.88711 15 3.64248 4.17725 4.78459 5.47357 5.53475 6.25427 3.83586 4.22623 4.33452 4.81790 4.89801 5.49241 6.26135 7.07571 7.13794 8.13706 4.65239 5.35025 5.11726 5.93603 6.15279 5.62399 6.17593 6.58007 7.28759 6.88579 7.69868 8.59936 7.98752 9.00745 10.14724 9.26552 10.53872 11.97375 11 12 13 14 15 16 3.97031 4.59497 5.31089 6.13039 17 4.32763 5.05447 5.89509 18 4.71712 5.55992 6.54355 19 5.14166 6.11591 7.26334 20 5.60441 6.72750 8.06231 7.06733 6.86604 7.98608 7.68997 9.02427 8.61276 10.19742 9.64629 11.52309 8.13725 9.35762 10.74800 12.33030 14.12902 9.27646 10.76126 12.46768 14.42646 16.67225 10.57517 12.37545 14.46251 16.87895 19.67325 12.05569 14.23177 16.77652 19.74838 23.21444 13.74349 16.36654 19.46076 23.10560 27.39303 16 17 18 19 20 22222 21 6.65860 23 7.25787 6.10881 7.40025 8.94917 8.14027 9.93357 8.95430 11.02627 24 7.91108 25 10.80385 13.02109 15.66758 18.82152 22.57448 27.03355 32.32378 12.10031 14.71383 17.86104 21.64475 26.18640 31.62925 38.14206 13.55235 16.62663 20.36158 24.89146 30.37622 37.00623 45.00763 9.84973 12.23916 15.17863 18.78809 23.21221 28.62518 8.62308 10.83471 13.58546 17.00006 21.23054 26.46192 32.91895 21 22 23 35.23642 43.29729 53.10901 24 40.87424 50.65783 62.66863 25
Using Table 11-1, compute the amount of compound interest (in $) earned in 1 year and the annual percentage yield (APY) for the investment. (Round your answers to two decimal places.) Principal Nominal Compound Interest Annual Percentage Interest Rate (%) Compounded Earned in 1 Year $34,000 12 monthly $ Yield (APY) % Periods % 1% 1% 2% 3% 4% 5% 6% 7% 8% Periods 1 1.00500 1.01000 1.01500 1.02000 1.03000 1.04000 1.05000 1.06000 1.07000 1.08000 1 2 1.01003 1.02010 1.03023 1.04040 1.06090 1.08160 1.10250 1.12360 1.14490 1.16640 2 3 1.01508 1.03030 1.04568 1.06121 1.09273 1.12486 1.15763 1.19102 1.22504 1.25971 3 4 1.02015 1.04060 1.06136 1.08243 1.12551 1.16986 1.21551 1.26248 1.31080 1.36049 4 5 1.02525 1.05101 1.07728 1.10408 1.15927 1.21665 1.27628 1.33823 1.40255 1.46933 5 10 67890 1.03038 1.06152 1.09344 1.12616 1.19405 1.26532 1.34010 1.41852 1.50073 1.58687 1.03553 1.07214 1.10984 1.14869 1.22987 1.31593 1.40710 1.50363 1.60578 1.71382 1.04071 1.08286 1.12649 1.17166 1.26677 1.36857 1.47746 1.59385 1.71819 1.85093 1.04591 1.09369 1.14339 1.19509 1.30477 1.42331 1.55133 1.68948 1.83846 1.99900 1.05114 1.10462 1.16054 1.21899 1.34392 1.48024 1.62889 1.79085 1.96715 2.15892 10 67890 11 1.05640 1.11567 1.17795 1.24337 1.38423 1.53945 1.71034 2216 62822 22222 1.06168 1.12683 1.19562 1.26824 1.42576 1.60103 1.79586 13 1.06699 1.13809 1.21355 1.29361 1.46853 1.66507 1.88565 1.89830 2.10485 2.33164 2.01220 2.25219 2.51817 2.13293 2.40985 2.71962 14 1.07232 1.14947 1.23176 1.31948 1.51259 1.73168 1.97993 2.26090 15 1.07768 1.16097 1.25023 1.34587 1.55797 1.80094 2.07893 2.39656 2.57853 2.93719 2.75903 3.17217 16 1.08307 1.17258 1.26899 1.37279 1.60471 1.87298 2.18287 17 1.08849 1.18430 1.28802 1.40024 1.65285 1.94790 2.29202 2.54035 2.95216 3.42594 2.69277 3.15882 3.70002 18 1.09393 1.19615 1.30734 1.42825 1.70243 2.02582 2.40662 2.85434 3.37993 3.99602 19 1.09940 1.20811 1.32695 1.45681 1.75351 2.10685 2.52695 3.02560 20 1.10490 1.22019 1.34686 1.48595 1.80611 2.19112 2.65330 3.20714 3.61653 4.31570 3.86968 4.66096 21 1.11042 1.23239 1.36706 1.51567 1.86029 2.27877 2.78596 3.39956 4.14056 5.03383 1.11597 1.24472 1.38756 1.54598 1.91610 2.36992 2.92526 3.60354 4.43040 5.43654 23 1.12155 1.25716 1.40838 1.57690 1.97359 2.46472 3.07152 3.81975 4.74053 5.87146 24 1.12716 1.26973 1.42950 1.60844 2.03279 2.56330 3.22510 4.04893 25 1.13280 1.28243 1.45095 1.64061 2.09378 2.66584 3.38635 4.29187 5.07237 6.34118 5.42743 6.84848 =2315 62222 22222 11 14 16 17 18 19 20 21 23 24 25 Periods 9% 10% 11% 12% 13% 14% 15% 16% 17% 18% Periods 1 1.09000 1.10000 1.11000 1.12000 1.13000 1.14000 1.15000 1.16000 1.17000 1.18000 1 2 1.18810 1.21000 1.23210 1.25440 1.27690 1.29960 1.32250 1.34560 1.36890 1.39240 2 3 1.29503 1.33100 1.36763 1.40493 1.44290 1.48154 1.52088 1.56090 1.60161 1.64303 3 4 1.41158 1.46410 1.51807 1.57352 1.63047 1.68896 1.74901 1.81064 1.87389 1.93878 4 5 1.53862 1.61051 1.68506 1.76234 1.84244 1.92541 2.01136 2.10034 2.19245 2.28776 5 10 67820 1.67710 1.77156 1.87041 1.97382 2.08195 2.19497 2.31306 2.43640 2.56516 2.69955 1.82804 1.94872 2.07616 2.21068 2.35261 2.50227 2.66002 1.99256 2.14359 2.30454 2.47596 2.65844 2.85259 3.05902 9 2.17189 2.35795 2.55804 2.77308 3.00404 3.25195 2.36736 2.59374 2.83942 3.10585 3.39457 3.70722 2.82622 3.00124 3.18547 3.27841 3.51145 3.75886 3.51788 3.80296 4.10840 4.43545 4.04556 4.41144 4.80683 5.23384 67 8 9 10 11 2.58043 2.85312 3.15176 3.47855 12 2.81266 3.13843 3.49845 3.89598 13 3.06580 3.45227 3.88328 4.36349 14 3.34173 3.79750 4.31044 4.88711 15 3.64248 4.17725 4.78459 5.47357 5.53475 6.25427 3.83586 4.22623 4.33452 4.81790 4.89801 5.49241 6.26135 7.07571 7.13794 8.13706 4.65239 5.35025 5.11726 5.93603 6.15279 5.62399 6.17593 6.58007 7.28759 6.88579 7.69868 8.59936 7.98752 9.00745 10.14724 9.26552 10.53872 11.97375 11 12 13 14 15 16 3.97031 4.59497 5.31089 6.13039 17 4.32763 5.05447 5.89509 18 4.71712 5.55992 6.54355 19 5.14166 6.11591 7.26334 20 5.60441 6.72750 8.06231 7.06733 6.86604 7.98608 7.68997 9.02427 8.61276 10.19742 9.64629 11.52309 8.13725 9.35762 10.74800 12.33030 14.12902 9.27646 10.76126 12.46768 14.42646 16.67225 10.57517 12.37545 14.46251 16.87895 19.67325 12.05569 14.23177 16.77652 19.74838 23.21444 13.74349 16.36654 19.46076 23.10560 27.39303 16 17 18 19 20 22222 21 6.65860 23 7.25787 6.10881 7.40025 8.94917 8.14027 9.93357 8.95430 11.02627 24 7.91108 25 10.80385 13.02109 15.66758 18.82152 22.57448 27.03355 32.32378 12.10031 14.71383 17.86104 21.64475 26.18640 31.62925 38.14206 13.55235 16.62663 20.36158 24.89146 30.37622 37.00623 45.00763 9.84973 12.23916 15.17863 18.78809 23.21221 28.62518 8.62308 10.83471 13.58546 17.00006 21.23054 26.46192 32.91895 21 22 23 35.23642 43.29729 53.10901 24 40.87424 50.65783 62.66863 25
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Transcribed Image Text:Using Table 11-1, compute the amount of compound interest (in $) earned in 1 year and the annual percentage yield (APY) for the investment. (Round your answers to two decimal places.)
Principal
Nominal
Compound Interest Annual Percentage
Interest
Rate (%) Compounded
Earned in 1 Year
$34,000
12
monthly
$
Yield (APY)
%
Transcribed Image Text:Periods
%
1%
1%
2%
3%
4%
5%
6%
7%
8%
Periods
1
1.00500
1.01000
1.01500
1.02000
1.03000
1.04000
1.05000
1.06000
1.07000
1.08000
1
2
1.01003
1.02010
1.03023
1.04040
1.06090
1.08160
1.10250
1.12360
1.14490
1.16640
2
3
1.01508 1.03030
1.04568
1.06121
1.09273
1.12486
1.15763
1.19102
1.22504
1.25971
3
4
1.02015
1.04060
1.06136
1.08243
1.12551
1.16986
1.21551
1.26248
1.31080
1.36049
4
5
1.02525
1.05101
1.07728
1.10408
1.15927
1.21665
1.27628
1.33823
1.40255 1.46933
5
10
67890
1.03038
1.06152
1.09344
1.12616
1.19405
1.26532
1.34010
1.41852
1.50073 1.58687
1.03553
1.07214
1.10984
1.14869
1.22987
1.31593 1.40710
1.50363
1.60578
1.71382
1.04071
1.08286
1.12649
1.17166
1.26677
1.36857 1.47746
1.59385
1.71819 1.85093
1.04591
1.09369
1.14339
1.19509
1.30477
1.42331
1.55133
1.68948
1.83846 1.99900
1.05114
1.10462
1.16054
1.21899
1.34392
1.48024
1.62889
1.79085
1.96715 2.15892
10
67890
11
1.05640
1.11567
1.17795
1.24337
1.38423
1.53945
1.71034
2216 62822 22222
1.06168
1.12683
1.19562
1.26824
1.42576
1.60103
1.79586
13
1.06699
1.13809
1.21355
1.29361
1.46853
1.66507
1.88565
1.89830 2.10485 2.33164
2.01220 2.25219 2.51817
2.13293
2.40985 2.71962
14
1.07232
1.14947
1.23176
1.31948
1.51259
1.73168
1.97993
2.26090
15
1.07768
1.16097
1.25023
1.34587
1.55797
1.80094
2.07893
2.39656
2.57853 2.93719
2.75903 3.17217
16
1.08307
1.17258
1.26899
1.37279
1.60471
1.87298
2.18287
17
1.08849
1.18430
1.28802
1.40024
1.65285
1.94790
2.29202
2.54035 2.95216 3.42594
2.69277
3.15882 3.70002
18
1.09393 1.19615
1.30734
1.42825
1.70243
2.02582
2.40662
2.85434
3.37993 3.99602
19
1.09940
1.20811
1.32695
1.45681
1.75351
2.10685 2.52695
3.02560
20
1.10490
1.22019
1.34686
1.48595
1.80611
2.19112 2.65330
3.20714
3.61653 4.31570
3.86968 4.66096
21
1.11042
1.23239
1.36706
1.51567
1.86029
2.27877
2.78596
3.39956
4.14056 5.03383
1.11597
1.24472
1.38756
1.54598
1.91610
2.36992
2.92526
3.60354
4.43040 5.43654
23
1.12155
1.25716
1.40838
1.57690
1.97359
2.46472
3.07152
3.81975
4.74053 5.87146
24
1.12716
1.26973
1.42950
1.60844
2.03279
2.56330
3.22510
4.04893
25
1.13280
1.28243
1.45095
1.64061
2.09378
2.66584
3.38635
4.29187
5.07237 6.34118
5.42743 6.84848
=2315 62222 22222
11
14
16
17
18
19
20
21
23
24
25
Periods
9%
10%
11%
12%
13%
14%
15%
16%
17%
18% Periods
1
1.09000 1.10000
1.11000
1.12000
1.13000
1.14000
1.15000
1.16000
1.17000
1.18000
1
2
1.18810
1.21000
1.23210
1.25440
1.27690
1.29960
1.32250
1.34560
1.36890
1.39240
2
3
1.29503
1.33100
1.36763
1.40493
1.44290
1.48154
1.52088
1.56090 1.60161
1.64303
3
4
1.41158
1.46410
1.51807
1.57352
1.63047
1.68896
1.74901
1.81064
1.87389
1.93878
4
5
1.53862
1.61051
1.68506
1.76234
1.84244
1.92541
2.01136
2.10034
2.19245
2.28776
5
10
67820
1.67710
1.77156
1.87041
1.97382
2.08195 2.19497
2.31306
2.43640
2.56516 2.69955
1.82804
1.94872
2.07616
2.21068
2.35261
2.50227
2.66002
1.99256 2.14359
2.30454
2.47596
2.65844
2.85259
3.05902
9
2.17189
2.35795
2.55804
2.77308
3.00404
3.25195
2.36736 2.59374
2.83942
3.10585 3.39457
3.70722
2.82622 3.00124 3.18547
3.27841 3.51145 3.75886
3.51788 3.80296 4.10840 4.43545
4.04556 4.41144 4.80683 5.23384
67
8
9
10
11
2.58043
2.85312
3.15176
3.47855
12
2.81266 3.13843
3.49845
3.89598
13
3.06580
3.45227
3.88328
4.36349
14
3.34173 3.79750 4.31044
4.88711
15
3.64248
4.17725
4.78459
5.47357
5.53475
6.25427
3.83586 4.22623
4.33452 4.81790
4.89801 5.49241
6.26135 7.07571
7.13794 8.13706
4.65239
5.35025
5.11726
5.93603
6.15279
5.62399 6.17593
6.58007 7.28759
6.88579 7.69868 8.59936
7.98752 9.00745 10.14724
9.26552 10.53872 11.97375
11
12
13
14
15
16
3.97031
4.59497
5.31089
6.13039
17
4.32763
5.05447
5.89509
18
4.71712
5.55992
6.54355
19
5.14166
6.11591
7.26334
20
5.60441
6.72750
8.06231
7.06733
6.86604 7.98608
7.68997 9.02427
8.61276 10.19742
9.64629 11.52309
8.13725 9.35762 10.74800 12.33030 14.12902
9.27646 10.76126 12.46768 14.42646 16.67225
10.57517 12.37545 14.46251 16.87895 19.67325
12.05569 14.23177 16.77652 19.74838 23.21444
13.74349 16.36654 19.46076 23.10560 27.39303
16
17
18
19
20
22222
21
6.65860
23
7.25787
6.10881 7.40025 8.94917
8.14027 9.93357
8.95430 11.02627
24
7.91108
25
10.80385 13.02109 15.66758 18.82152 22.57448 27.03355 32.32378
12.10031 14.71383 17.86104 21.64475 26.18640 31.62925 38.14206
13.55235 16.62663 20.36158 24.89146 30.37622 37.00623 45.00763
9.84973 12.23916 15.17863 18.78809 23.21221 28.62518
8.62308 10.83471 13.58546 17.00006 21.23054 26.46192 32.91895
21
22
23
35.23642 43.29729 53.10901
24
40.87424 50.65783 62.66863
25
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education