Solutions to Chapter 1
With compound interest, your account grows to: $1,000 ( (1.04)10 = $1480.24. Therefore $80.24 is interest on interest. 5. PV = $700/(1.05)5 = $548.47 6. Present Value Years Future Value Interest Rate a. $400 11 $684 b. $183 4 $249 c. $300 7 $300 To find the interest rate, we rearrange the basic future value equation as follows: FV = PV ( (1 + r ... ................
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