Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Score: 0.67 of 4 pts 4 of 12 11 complete) HW Score: 72.33 P5-5 (similar to) (Related to Checkpoint 5.3) (Compound interest with non-annual periods)

image text in transcribed

Score: 0.67 of 4 pts 4 of 12 11 complete) HW Score: 72.33 P5-5 (similar to) (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 peric Amount Annual Compounding Compounding - Account Holder Deposited Interest Rate Periods Per Year (M) Periods (Years) Theodore Logan III $ 900 18% 3 6 Vernell Coles 96,000 8 2 2 Tina Elliot 8,000 10 6 5 Wayne Robinson 121,000 10 4 4 Eunice Chung 28,000 16 1 6 Kelly Cravens 17,000 12 12 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 $ 13,135.53. (Round to the nearest cent.) d. The amount of money in Wayne Robinson's account at the end of 4 years will be $ 179,625.18. (Round to the nearest cent.) e. The amount of money in Eunice Chung's account at the end of 6 years will be $ 68,219.10. (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_2

Step: 3

blur-text-image_3

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

Essentials Of Health Care Finance

Authors: William O. Cleverley

3rd Edition

0834203413, 978-0834203419

More Books

Students also viewed these Finance questions

Question

Simplify the given expressions. cos y(sec y cos y)

Answered: 1 week ago