Compound Interest with non-annual periods: Calculate the amount of money that wi

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 periods:
Account Holder, Amount deposited, annual interest rate, compounding periods per year, compouding periods
Theodore Logan III, 1000, 12%, 1, 6
Vernell Coles, 96000, 8%, 4, 3
Tina Elliot, 7000, 12%, 2, 6
Wayne Robinson, 118000, 10%, 6, 3
Eunice Chung, 29000, 18%, 12, 6
Kelly Cravens, 15000, 8%, 3, 3

The amount of money for Theodore at end of 6 years is ___? (I got $1973.82)?
The amount of money for Vernell at end of 3 years will be ___? (I got $121751.21)
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 _____?

Explanation / Answer

The amount of money for Theodore at end of 6 years = 1000*(1+12%)^6=1973.82

The amount of money for Vernell at end of 3 years will =96000*(1+8%/3)^(3*3)= 121656.80

The amount of money for Tina at end of 6 years will be = 7000*(1+12%/2)^(6*2)= 14085.38

The amount of money for Wayne at end of 3 years will be =118000*(1+10%/12)^(3*12)= $159085.46

The amount of money for Eunice at end of 6 years will be= 29000*(1+18%/12)^(6*12)= $84713.58

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