Find all monetary answers to the nearest cent. Use tables and formulas from the chapter as necessary. Finding the Future Value of a Deposit Find the future value of each deposit. $1000 for 5 years at 4% simple interest

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Answer 1

Textbook Question

Chapter 13, Problem 1T

Find all monetary answers to the nearest cent. Use tables and formulas from the chapter as necessary. Finding the Future Value of a Deposit Find the future value of each deposit.

$1000 for 5 years at 4% simple interest

Expert Solution & Answer

To determine

To calculate: The future value of the deposits if the principal amount is $1,000, the rate of simple interest is 4% and the time is 5 years.

Answer to Problem 1T

Solution:

The future value of the deposit is $1,200.

Explanation of Solution

Given:

The principal amount is $1,000, the rate of simple interest is 4% and the time is 5 years.

Formula used:

A=P(1+rt).

P is the principal amount, r is the simple interest rate and t is the time.

Calculation:

To compute the future value of the deposit, multiply the principal with adding 1 into the product of rate and time:

A=P(1+rt)=$1,000(1+0.04×5)=$1,000(1+0.20)=$1,000×1.20

After multiplying the aforementioned equation, the result will be:

A=$1,200 .

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I need detailed help solving this exercise from homework of Calculus I.I do not really understand how to do, please do it step by step, not that long but clear. Thank you!P.S.: Please do not use AI, thanks!---------------------------------------------------------------------------------Part 2: Multiple-Choice Questions with More Than One Correct Answers

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I need detailed help solving this exercise from homework of Calculus I.I do not really understand how to do, please do it step by step, not that long but clear. Thank you!P.S.: Please do not use AI, thanks!

Answer 2

Textbook Question

Chapter 13, Problem 1T

Find all monetary answers to the nearest cent. Use tables and formulas from the chapter as necessary. Finding the Future Value of a Deposit Find the future value of each deposit.

$1000 for 5 years at 4% simple interest

Expert Solution & Answer

To determine

To calculate: The future value of the deposits if the principal amount is $1,000, the rate of simple interest is 4% and the time is 5 years.

Answer to Problem 1T

Solution:

The future value of the deposit is $1,200.

Explanation of Solution

Given:

The principal amount is $1,000, the rate of simple interest is 4% and the time is 5 years.

Formula used:

A=P(1+rt).

P is the principal amount, r is the simple interest rate and t is the time.

Calculation:

To compute the future value of the deposit, multiply the principal with adding 1 into the product of rate and time:

A=P(1+rt)=$1,000(1+0.04×5)=$1,000(1+0.20)=$1,000×1.20

After multiplying the aforementioned equation, the result will be:

A=$1,200 .

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Answer 3

Textbook Question

Chapter 13, Problem 1T

Find all monetary answers to the nearest cent. Use tables and formulas from the chapter as necessary. Finding the Future Value of a Deposit Find the future value of each deposit.

$1000 for 5 years at 4% simple interest

Expert Solution & Answer

To determine

To calculate: The future value of the deposits if the principal amount is $1,000, the rate of simple interest is 4% and the time is 5 years.

Answer to Problem 1T

Solution:

The future value of the deposit is $1,200.

Explanation of Solution

Given:

The principal amount is $1,000, the rate of simple interest is 4% and the time is 5 years.

Formula used:

A=P(1+rt).

P is the principal amount, r is the simple interest rate and t is the time.

Calculation:

To compute the future value of the deposit, multiply the principal with adding 1 into the product of rate and time:

A=P(1+rt)=$1,000(1+0.04×5)=$1,000(1+0.20)=$1,000×1.20

After multiplying the aforementioned equation, the result will be:

A=$1,200 .

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Answer 4

Textbook Question

Chapter 13, Problem 1T

Find all monetary answers to the nearest cent. Use tables and formulas from the chapter as necessary. Finding the Future Value of a Deposit Find the future value of each deposit.

$1000 for 5 years at 4% simple interest

Expert Solution & Answer

To determine

To calculate: The future value of the deposits if the principal amount is $1,000, the rate of simple interest is 4% and the time is 5 years.

Answer to Problem 1T

Solution:

The future value of the deposit is $1,200.

Explanation of Solution

Given:

The principal amount is $1,000, the rate of simple interest is 4% and the time is 5 years.

Formula used:

A=P(1+rt).

P is the principal amount, r is the simple interest rate and t is the time.

Calculation:

To compute the future value of the deposit, multiply the principal with adding 1 into the product of rate and time:

A=P(1+rt)=$1,000(1+0.04×5)=$1,000(1+0.20)=$1,000×1.20

After multiplying the aforementioned equation, the result will be:

A=$1,200 .

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

To calculate: The future value of the deposits if the principal amount is $1,000, the rate of simple interest is 4% and the time is 5 years.

Answer to Problem 1T

Solution:

The future value of the deposit is $1,200.

Explanation of Solution

Given:

The principal amount is $1,000, the rate of simple interest is 4% and the time is 5 years.

Formula used:

A=P(1+rt).

P is the principal amount, r is the simple interest rate and t is the time.

Calculation:

To compute the future value of the deposit, multiply the principal with adding 1 into the product of rate and time:

A=P(1+rt)=$1,000(1+0.04×5)=$1,000(1+0.20)=$1,000×1.20

After multiplying the aforementioned equation, the result will be:

A=$1,200 .

Answer 8

Expert Solution & Answer

To determine

To calculate: The future value of the deposits if the principal amount is $1,000, the rate of simple interest is 4% and the time is 5 years.

Answer to Problem 1T

Solution:

The future value of the deposit is $1,200.

Explanation of Solution

Given:

The principal amount is $1,000, the rate of simple interest is 4% and the time is 5 years.

Formula used:

A=P(1+rt).

P is the principal amount, r is the simple interest rate and t is the time.

Calculation:

To compute the future value of the deposit, multiply the principal with adding 1 into the product of rate and time:

A=P(1+rt)=$1,000(1+0.04×5)=$1,000(1+0.20)=$1,000×1.20

After multiplying the aforementioned equation, the result will be:

A=$1,200 .

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

To calculate: The future value of the deposits if the principal amount is $1,000, the rate of simple interest is 4% and the time is 5 years.

Answer 12

Answer to Problem 1T

Solution:

The future value of the deposit is $1,200.

Answer 13

Explanation of Solution

Given:

The principal amount is $1,000, the rate of simple interest is 4% and the time is 5 years.

Formula used:

A=P(1+rt).

P is the principal amount, r is the simple interest rate and t is the time.

Calculation:

To compute the future value of the deposit, multiply the principal with adding 1 into the product of rate and time:

A=P(1+rt)=$1,000(1+0.04×5)=$1,000(1+0.20)=$1,000×1.20

After multiplying the aforementioned equation, the result will be:

A=$1,200 .

Answer 14

Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - In the following exercises, assume whenever...Ch. 13.1 - Find the future value of each deposit if the...Ch. 13.1 - Find the future value of each deposit if the...Ch. 13.1 - Find the future value of each deposit if the...Ch. 13.1 - Find the future value of each deposit if the...

Find all monetary answers to the nearest cent. Use tables and formulas from the chapter as necessary. Finding the Future Value of a Deposit Find the future value of each deposit. $1000 for 5 years at 4% simple interest

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Answer to Problem 1T

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