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 1 year agoRelated Solutions
Calculate the amount of money that will be in each of the following accounts at the...
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Amount Deposited
Annual
Interest Rate
Compounding
Periods Per Year (M)
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Periods (Years)
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4
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Compounding Periods per Year (M)
Compounding Periods (Years)
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with non-annual
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Annual Interest Rate
Compounding Periods Per Year (M)
Compounding Periods (Years)
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12
6
3
Teena Elliott
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12
1
5
Wade Robinson
120,000
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2
4
Eunice Chang
28,000
18
3
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Kelli Craven
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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
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Tina Elliot
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Wayne Robertson
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Eunice Chung
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Kelly Cravens
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