In: Finance
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 |
||||||
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 |