4. (Related to Checkpoint 5.3) (Compound interest with non-annual periods) Calcu

Question

4. (Related to Checkpoint 5.3) (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: Amount Deposited $ 900 94,000 7,000 121,000 31,000 17,000 Annual Interest Rate Compounding Periods Per Year (M) Compounding Periods (Years) Account Holder Theodore Logan III Venell Coles Tina Elliot Wayne Robinson Eunice Chung 18% 5 12 12 12 12 a. The amount of money in Theodore Logan Il's account at the end of 5 years will be $ . (Round to the nearest cent.) b. The amount of money in Vernell Coles' account at the end of 3 year(s) will be $ cent c. The amount of money in Tina Elliot's account at the end of 4 years will be $ cent.) d. The amount of money in Wayne Robinson's account at the end of 3 years will be S nearest cent.) e. The amount of money in Eunice Chung's account at the end of 4 years will be $ cent.) . The amount of money in Kelly Cravens' account at the end of 3 years will be $ cent.) (Round to the nearest Round to the nearest . (Round to the (Round to the nearest (Round to the nearest -

Explanation / Answer

1.
FV=900*(1+18%/1)^(1*5)=2058.982
2.
FV=94000*(1+12%/2)^(2*3)=133340.8
3.
FV=7000*(1+12%/3)^(3*4)=11207.23
4.
FV=121000*(1+8%/12)^(12*3)=153698.7
5.
FV=31000*(1+12%/4)^(4*4)=49745.9
6.
FV=17000*(1+8%/6)^(6*3)=21576.99

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