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 |
% |
12 |
6 |
|||||
Vernell Coles |
96,000 |
12 |
1 |
2 |
|||||||
Tina Elliot |
8,000 |
8 |
4 |
5 |
|||||||
Wayne Robinson |
118,000 |
10 |
3 |
5 |
|||||||
Eunice Chung |
32,000 |
18 |
2 |
4 |
|||||||
Kelly Cravens |
13,000 |
8 |
6 |
4 |
a.The amount of money in Theodore Logan III's account at the end of 6 years will be $_____. (Round to the nearest cent.)
b. The amount of money in Vernell Coles account at the end of 2 years will be $_____. (Round to the nearest cent.)
c. The amount of money in Tina Elliot account at the end of 5 years will be $_____. (Round to the nearest cent.)
d. The amount of money in Wayne Robinsons account at the end of 5 years will be $_____. (Round to the nearest cent.)
e. The amount of money in Eunice Chung 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 4 years will be $_____. (Round to the nearest cent.)
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