Chat with AI
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 39
Solve the following application problems. If no interest rate is given, assume
interest compounded daily. Round to the nearest cent.
RETIREMENT INCOME The Walters accumulated $235,000 during more than 40 years of work. They originally deposited this money in a 5-year time deposit earning 6 and used the income for living expenses. On renewing the time deposit, they found that interest rates on a 5-year time deposit had fallen and that they were going to receive only 4. Find the difference in their annual income due to the decline in interest rates. ( Hint: Don't use the compound interest table.)
interest compounded daily. Round to the nearest cent. RETIREMENT INCOME The Walters accumulated $235,000 during more than 40 years of work. They originally deposited this money in a 5-year time deposit earning 6 and used the income for living expenses. On renewing the time deposit, they found that interest rates on a 5-year time deposit had fallen and that they were going to receive only 4. Find the difference in their annual income due to the decline in interest rates. ( Hint: Don't use the compound interest table.)
Explanation
Verified
Verified
It is given that the rate in the first 5...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
