Question
In: Finance
Calculate the amount of money that will be in each of the following accounts at the...
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) |
||||||
|
Theodore Logan III |
$ |
900 |
16% |
|
2 |
6 |
||||
|
Vernell Coles |
96,000 |
8 |
4 |
2 |
||||||
|
Tina Elliot |
9,000 |
12 |
12 |
6 |
||||||
|
Wayne Robinson |
120,000 |
10 |
6 |
5 |
||||||
|
Eunice Chung |
29,000 |
18 |
3 |
6 |
||||||
|
Kelly Cravens |
13,000 |
10 |
1 |
4 |
||||||
Solutions
Expert Solution
where,
A = Amount
P = Principal
i = rate of interest
n = compounding period per year
t = time
| ACC. HOLDER | P ($) | i | n | t | CALCULATIONS |
| Theodore | 900 | 0.16 | 2 | 6 |
ANSWER = $2,266.35 |
| Vernell | 96,000 | 0.08 | 4 | 2 |
ANSWER = $112,479.30 |
| Tina | 9,000 | 0.12 | 12 | 6 |
ANSWER = $18,423.89 |
| Wayne | 120,000 | 0.10 | 6 | 5 |
ANSWER = $197,226.81 |
| Eunice | 29,000 | 0.18 | 3 | 6 |
ANSWER = $82,775.84 |
| Kelly | 13,000 | 0.10 | 1 | 4 |
ANSWER = $19,033.30 |
jeff jeffy answered 5 months agoRelated Solutions
Calculate the amount of money that will be in each of the following accounts at the...
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)
Theodore Logan III
$1,000
12%
4
10
Vernell Coles
$96,000
8%
12
3
Tina Elliot
$8,000
12%
6
6
Wayne Robinson
$122,000
10%
1
3
Eunice Chung
$31,000
12%
3
6
Kelly Cravens
$16,000
10%
2
4
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Account Holder
Amount
Deposited
Annual Interest Rate
Compounding Periods per Year (M)
Compounding Periods (Years)
Theodore Logan TIT
$ 1,000
10%
1
10
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12
12
1
Tina Elliott
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6
2
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4
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30,000
10
2
4
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12
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(Compound interest with non-annual periods) Calculate the amount of money that will be in each of...
(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)
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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
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(Compound interest with non-annual periods) Calculate the amount of money that will be in each of...
(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)
Theodore Logan
1,000
16%
1
5
Vernell Colles
94,000
10%
2
3
Tina Elliot
7,000
8%
3
6
Wayne Robertson
120,000
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4
3
Eunice Chung
29,000
18%
6
4
Kelly Cravens
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12
5
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