Question
(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
(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 | $1,000 | 16% | 2 | 5 |
Vernell Coles | $96,000 | 8% | 3 | 2 |
Tina Elliot | $9,000 | 12% | 1 | 5 |
Wayne Robinson | $121,000 | 10% | 6 | 3 |
Eunice Chung | $31,000 | 12% | 12 | 4 |
Kelly Cravens | $16,000 | 8% | 4 | 4 |
a.The amount of money in Theodore Logan III's account at the end of 5 years will be? Roound to the nearst sent
b.The amount of money in Vernell Coles III's account at the end of 2 years will be? Roound to the nearst sent
c.The amount of money in Tina Elliot III's account at the end of 5 years will be? Roound to the nearst sent
d.The amount of money in Wayne Robinson III's account at the end of 3 years will be? Roound to the nearst sent
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