Question

Find the amount to which $400 will grow under each of the following conditions. Do not...

Find the amount to which $400 will grow under each of the following conditions. Do not round intermediate calculations. Round your answers to the nearest cent.

  1. 12% compounded annually for 5 years.

    $  

  2. 12% compounded semiannually for 5 years.

    $  

  3. 12% compounded quarterly for 5 years.

    $  

  4. 12% compounded monthly for 5 years.

    $  

Homework Answers

Answer #1

a.We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value  
r=rate of interest
n=time period.

A=400*(1.12)^5

=400*1.76234168

=$704.94(Approx)

b.We use the formula:
A=P(1+r/2)^2n
where
A=future value
P=present value  
r=rate of interest
n=time period.

A=400*(1+0.12/2)^(2*5)

=400*1.7908477

=$716.34(Approx)

c.We use the formula:
A=P(1+r/4)^4n
where
A=future value
P=present value  
r=rate of interest
n=time period

A=400*(1+0.12/4)^(4*5)

=400*1.80611123

=$722.44(Approx)

d.We use the formula:
A=P(1+r/12)^12n
where
A=future value
P=present value  
r=rate of interest
n=time period.

A=400*(1+0.12/12)^(12*5)

=400*1.8166967

=$726.68(Approx)

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Find the amount to which $600 will grow under each of the following conditions. Do not...
Find the amount to which $600 will grow under each of the following conditions. Do not round intermediate calculations. Round your answers to the nearest cent. 6% compounded annually for 5 years. $   6% compounded semiannually for 5 years. $   6% compounded quarterly for 5 years. $   6% compounded monthly for 5 years. $  
Find the amount to which $300 will grow under each of the following conditions. Do not...
Find the amount to which $300 will grow under each of the following conditions. Do not round intermediate calculations. Round your answer to the nearest cent. (b) 8% compounded semiannually for 5 years $ (c) 8% compounded quarterly for 5 years $ (d) 8% compounded monthly for 5 years $
Find the amount to which $600 will grow under each of these conditions: A. 12% compounded...
Find the amount to which $600 will grow under each of these conditions: A. 12% compounded annually for 5 years. Do not round intermediate calculations. Round your answer to the nearest cent. B. 12% compounded semiannually for 5 years. Do not round intermediate calculations. Round your answer to the nearest cent. C. 12% compounded quarterly for 5 years. Do not round intermediate calculations. Round your answer to the nearest cent. D. 12% compounded monthly for 5 years. Do not round...
Future Value for Various Compounding Periods Find the amount to which $575 will grow under each...
Future Value for Various Compounding Periods Find the amount to which $575 will grow under each of the following conditions. Do not round intermediate calculations. Round your answers to the nearest cent. 12% compounded annually for 5 years. $   12% compounded semiannually for 5 years. $   12% compounded quarterly for 5 years. $   12% compounded monthly for 5 years. $  
Future Value for Various Compounding Periods Find the amount to which $650 will grow under each...
Future Value for Various Compounding Periods Find the amount to which $650 will grow under each of the following conditions. Do not round intermediate calculations. Round your answers to the nearest cent. 12% compounded annually for 5 years. $   12% compounded semiannually for 5 years. $   12% compounded quarterly for 5 years. $   12% compounded monthly for 5 years. $  
Find the amount to which $800 will grow under each of these conditions: 5% compounded annually...
Find the amount to which $800 will grow under each of these conditions: 5% compounded annually for 6 years. Do not round intermediate calculations. Round your answer to the nearest cent. $   5% compounded semiannually for 6 years. Do not round intermediate calculations. Round your answer to the nearest cent. $   5% compounded quarterly for 6 years. Do not round intermediate calculations. Round your answer to the nearest cent. $   5% compounded monthly for 6 years. Do not round intermediate...
Find the amount to which $500 will grow under each of these conditions: 4% compounded annually...
Find the amount to which $500 will grow under each of these conditions: 4% compounded annually for 4 years. Do not round intermediate calculations. Round your answer to the nearest cent. $   4% compounded semiannually for 4 years. Do not round intermediate calculations. Round your answer to the nearest cent. $   4% compounded quarterly for 4 years. Do not round intermediate calculations. Round your answer to the nearest cent. $   4% compounded monthly for 4 years. Do not round intermediate...
Find the amount to which $300 will grow under each of these conditions: 11% compounded annually...
Find the amount to which $300 will grow under each of these conditions: 11% compounded annually for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 11% compounded semiannually for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 11% compounded quarterly for 9 years. Do not round intermediate calculations. Round your answer to the nearest cent. $ 11% compounded monthly for 9 years. Do not round intermediate...
Find the amount to which $600 will grow under each of these conditions: 6% compounded annually...
Find the amount to which $600 will grow under each of these conditions: 6% compounded annually for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent. $    6% compounded semiannually for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent. $    6% compounded quarterly for 3 years. Do not round intermediate calculations. Round your answer to the nearest cent. $    6% compounded monthly for 3 years. Do not round intermediate...
eBook Find the amount to which $200 will grow under each of these conditions: 6% compounded...
eBook Find the amount to which $200 will grow under each of these conditions: 6% compounded annually for 8 years. Do not round intermediate calculations. Round your answer to the nearest cent. $   6% compounded semiannually for 8 years. Do not round intermediate calculations. Round your answer to the nearest cent. $   6% compounded quarterly for 8 years. Do not round intermediate calculations. Round your answer to the nearest cent. $   6% compounded monthly for 8 years. Do not round...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT