Question
(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
(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 | $ | 1,000 | 10 | % | 1 | 10 | |||
Vernell Coles | 95,000 | 12 | 12 | 1 | |||||
Tina Elliot | 8,000 | 12 | 6 | 2 | |||||
Wayne Robinson | 120,000 | 8 | 4 | 2 | |||||
Eunice Chung | 30,000 | 10 | 2 | 4 | |||||
Kelly Cravens | 15,000 | 12 | 3 | 3 |
a. The amount of money in Theodore Logan III's account at the end of 10 years will be $___ (Round to the nearest cent.)
b. The amount of money in Vernell Coles' account at the end of 1 year(s) will be $___(Round to the nearest cent.)
c. The amount of money in Tina Elliot's account at the end of 2 years will be $_____ (Round to the nearest cent.)
d. The amount of money in Wayne Robinson's account at the end of 2 years will be $_____ (Round to the nearest cent.)
e. The amount of money in Eunice Chung's account at the end of 4 years will be $_____ (Round to the nearest cent.)
f. The amount of money in Kelly Cravens' account at the end of 3 years will be $________Round to the nearest cent.)
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