Question
3. (Related to Checkpoint 5.3) (Compound interest with non-annual periods) Calculate the amount of money that will be in each of the following accounts at
3.
(Related to Checkpoint 5.3) (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 III | $ | 900 | 16 | % | 6 | 5 | |||
Vernell Coles | 94,000 | 8 | 4 | 3 | |||||
Tina Elliot | 7,000 | 10 | 1 | 5 | |||||
Wayne Robinson | 119,000 | 8 | 2 | 4 | |||||
Eunice Chung | 32,000 | 12 | 12 | 5 | |||||
Kelly Cravens | 13,000 | 8 | 3 | 4 |
a.The amount of money in Theodore Logan III's account at the end of 5 years will be $ ? . (Round to the nearest cent.)
b.The amount of money in Vernell Coles' account at the end of 3 year(s) will be $ ? . (Round to the nearest cent.)
c. The amount of money in Tina Elliot's account at the end of 5 years will be $ ? . (Round to the nearest cent.)
d.The amount of money in Wayne Robinson's account at the end of 4 years will be $ ? . (Round to the nearest cent.)
e.The amount of money in Eunice Chung's account at the end of 5 years will be $ ? . (Round to the nearest cent.)
f.The amount of money in Kelly Cravens' account at the end of 4 years will be $ ? . (Round to the nearest cent.)
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