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 deposit? period:

Account Holder	Amount Deposited	Annual Interest Rate	Compounding Periods Per Year (M)	Compounding Periods (Years)
Theodore Logan III	$1,000	18%	3	10
Vernell Coles	$96,000	10%	2	3
Tina Elliot	$9,000	12%	4	4
Wayne Robinson	$121,000	12%	12	3
Eunice Chung	$30,000	18%	1	4
Kelly Cravens	$15,000	12%	6	3

The amount of money for Theodore at end of 10 years is ___?

The amount of money for Vernell at end of 3 years will be ___?

The amount of money for Tina at end of 4 years will be ___?

The amount of money for Wayne at end of 3 years will be ___?

The amount of money for Eunice at end of 4 years will be _____?

Answer 1

Account Holder	Amount Deposited	Annual	Compounding	Compounding	rate = annual rate/compounding period in a year	Period n = times compounding per year*no of years	Future value = pv*(1+r)^n	Future value
		Interest Rate	Periods Per Year (M)	Periods (Years)
Theodore Logan III	$1,000	18%	3	10	18/3 = 6%	10*3 = 30	1000*(1.06)^30	5743.491
Vernell Coles	$96,000	10%	2	3	10/2 =5%	3*2 = 6	96000*(1.05)^6	128649.2
Tina Elliot	$9,000	12%	4	4	12/4 =3%	4*4 = 16	9000*(1.03)^16	14442.36
Wayne Robinson	$121,000	12%	12	3	12/12 = 1%	12*3 = 36	121000*(1.01)^36	173123
Eunice Chung	$30,000	18%	1	4	18/1 = 18%	1*4 = 4	30000*(1.18)^4	58163.33
Kelly Cravens	$15,000	12%	6	3	12/6 = 2%	TRUE	15000*(1.02)^18	21423.69