Question

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   $1,100   16%   6   5
Vernell Coles   $95,000   12%   4   2
Tina Elliot   $8,000   8%   12   6
Wayne Robinson   $122,000   12%   2   4
Eunice Chung   $30,000   16%   3   6
Kelly Cravens   $16,000   12%   1   5

The amount of money for Theodore at end of 6 years is ___?
The amount of money for Vernell at end of 3 years will be ___?
The amount of money for Tina at end of 6 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 6 years will be _____?

Answer 1

The amount of money for Theodore at end of 6 years is
=1100*(1+16%/6)^(6*5)=2422.571137

The amount of money for Vernell at end of 3 years will be
=95000*(1+12%/4)^(4*2)=120343.1577

The amount of money for Tina at end of 6 years will be
=8000*(1+8%/12)^(12*6)=12908.01734

The amount of money for Wayne at end of 3 years will be
=122000*(1+12%/2)^(4*2)=194449.4651

The amount of money for Eunice at end of 6 years will be
=30000*(1+16%/3)^(3*6)=76437.44412

The amount of money for Kelly at end of 5 years will be
=16000*(1+12%/1)^(1*5)=28197.46693