Narrative 11-2 Solve the Following Problems Using Either Tables 11-1 or 11-2

question 63

Short Answer

Narrative 11-2
Solve the following problems using either Tables 11-1 or 11-2 from your text. When necessary, create new table factors. (Round new table factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent)
-Refer to Narrative in your text 11-2. Leaflet Printing will need $85,000 in 6 years to replace one of their presses. They can invest in Bergen County Bank at 10% interest compounded semiannually, or at State Bank at 8% interest compounded quarterly.
A)At which bank will they earn the greatest amount of compound interest?
B)How much less must they invest today at this bank to reach their goal of $85,000 in 6 years?

• A)At which bank will they earn the greatest amount of compound interest?
• B)How much less must they invest today at this bank to reach their goal of $85,000 in 6 years?

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