The following investment requires a table factor for a period beyond the table. Calculate the...
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The following investment requires a table factor for a period beyond the table. Calculate the new table factor and the present value (principal). Use Table 11-2 round your new table factor to five decimal places and your present value to the nearest cent.
| Compound Amount | Term of Investment (years) | Nominal Rate (%) | Interest Compounded | New Table Factor | Present Value |
|---|---|---|---|---|---|
| $34,000 | 38 | 7 | annually | $ |
The following investment requires table factors for periods beyond the table. Using Table 11-1, create the new table factor, rounded to five places, and calculate the compound amount (in $, rounded to the nearest cent.)
| Principal | Time Period (years) | Nominal Rate (%) | Interest Compounded | New Table Factor | Compound Amount |
|---|---|---|---|---|---|
| $16,000 | 29 | 7 | annually | $ |
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