Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4. (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

image text in transcribed

4. (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: Amount Annual Compounding Compounding Account Holder Deposited Interest Rate Periods Per Year (M) Periods (Years) Theodore Logan III $ 900 18 % 6 Vernell Coles 96,000 8 2 2 Tina Elliot 10 6 5 Wayne Robinson 121,000 10 4 Eunice Chung 28,000 16 1 6 Kelly Cravens 17,000 12 12 8,000 4 4 a. The amount of money in Theodore Logan IIl's account at the end of 6 years will be $ 2568.91 (Round to the nearest cent.) b. The amount of money in Vernell Coles' account at the end of 2 year(s) will be $ 112,306.42 (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 s (Round to the nearest cent.) e. The amount of money in Eunice Chung's account at the end of 6 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.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Healthcare Finance An Introduction To Accounting And Financial Management

Authors: Louis Gapenski PhD

3rd Edition

1567932320, 978-1567932324

More Books

Students also viewed these Finance questions