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 Intrest Rate | Compounding periods per Year (M) | CompoundingPeriods(years) |
TheodoreLoganIII | $ 1,100 | 18% | 6 | 5 |
Vernell Coles | 96,000 | 8 | 1 | 3 |
Tina Elliot | 7,000 | 10 | 3 | 4 |
Wayne Robinson | 119,000 | 10 | 12 | 5 |
Eunice Chung | 32,000 | 16 | 2 | 4 |
Kelly Carvens | 16,000 | 12 | 4 | 3 |
A. The amount of money Theodor Logon III's account at the end of 5 years will be $
b. The amount of money Vernells Coles' account at the end of 3 years will be $
c. the amount of money in Tina Elliot's account at the end of 5 years will be $
d. The amount of money in Wayne Robinson's account at the end of 4 years will be $
e. The amount of money in Eunice Chung's account at the end of 6 years will be $
f. The amount of money in Kelly Cravens' account at the end of 5 years will be $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started