Suppose a hank offers a CD that cams 1%, interest compounded 211 limes, per year

Question

Suppose a hank offers a CD that cams 1%, interest compounded 211 limes, per year. You invest $1.523 today. How much will you have (in dollars and cents)after 7 yean? A politician recently introduced a measure to increase the sales tax in his city from 3.74% by adding 2 percentage points, for example, if the current tax w as 2% he might make it 4% by 201Caddmg 2%" he started that the change is reasonable since the a mourn added is small Calculate the percentage in taxes lo the nearest tenth using the percentage formula for percent change (Do not simply subtract the percents) The average consumer price index (CPI) in 2011 was 217.65 and 2012 it was 220.42 Calculate the rate of inflation between 2011 and 2012 lo the nearest tenth. (Report answer as percentage) The owner of a chain of gas stations found that the price per gallon was $3.18 last week. 9.943 gallons were sold. This week, he noticed that when the price per gallon was $3.42.9.545 gallons were sold. Calculate demand elasticity lo the nearest tenth Total cost (m thousands of dollars) for Umbrella Corp. were 548 this year. Research and development cost amounted to 253. What percent of Umbrella's total cost came from R & D, to the nearest tenth Umbrella corp. can make a certain chemical in their own manufacturing plant for an local cost of 327+2l.77x or it can contract with an outside supplier for a total cost of 846 *+ 1499v Find the quantity, x. for which the two costs arc equal to two decimal places.

Explanation / Answer

1)

Future value = P×(1+r)^n

n is number of compounding

r is interest rate

= $1,523×(1+(1%÷211))^(7×211)

= $1,633.43

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