Question

​(Compound interest with​ non-annual periods)  Calculate the amount of money that will be in each of the following accounts at the end of the given deposit​ period:

Account Holder	Amount Deposited	Annual Interest Rate	Compounding Periods Per Year (M)	Compounding Periods (Years)
Ted Logan	$1,100	12%	4	6
Vern Coles	95,000	12	6	3
Teena Elliott	9,000	12	1	5
Wade Robinson	120,000	8	2	4
Eunice Chang	28,000	18	3	5
Kelli Craven	16,000	10	12	5

PLEASE round to the nearest cent. Thank you.

1. The amount of money in Ted Logan’s account at the end of 6 years will be $__
2. The amount of money in Vern Coles account at the end of 3 years will be $__
3. The amount of money in Teena Elliott’s account at the end of 5 years will be $__
4. The amount of money in Wade Robinson’s account at the end of 4 years will be $__
5. The amount of money in Eunice Chang’s account at the end of 5 years will be $__
6. The amount of money in Kelli Craven’s account at the end of 5 years will be $__

Answer 1

Account Holder	Amount Deposited	Annual Interest Rate	Compounding Periods Per Year (M)	Compounding Periods (Years)	Future value calculation	Future value
Ted Logan	1,100	12%	4	6	=FV(12%/4,4*6,0,-1100,0)	2,236.07
Vern Coles	95,000	12%	6	3	=FV(12%/6,6*3,0,-95000,0)	1,35,683.39
Teena Elliott	9,000	12%	1	5	=FV(12%,5,0,-9000,0)	15,861.08
Wade Robinson	1,20,000	8%	2	4	=FV(8%/2,2*4,0,-120000,0)	1,64,228.29
Eunice Chang	28,000	18%	3	5	=FV(18%/3,3*5,0,-28000,0)	67,103.63
Kelli Craven	16,000	10%	12	5	=FV(10%/12,12*5,0,-16000)	26,324.94

a. The amount of money in Ted Logan’s account at the end of 6 years will be $2,236.07

b. The amount of money in Vern Coles account at the end of 3 years will be $135,683.39

c. The amount of money in Teena Elliott’s account at the end of 5 years will be $15,861.08

d. The amount of money in Wade Robinson’s account at the end of 4 years will be $164,228.29

e. The amount of money in Eunice Chang’s account at the end of 5 years will be $67,103.63

f. The amount of money in Kelli Craven’s account at the end of 5 years will be $26,324.94