would these be correct so far? Calculate the amount of money that will be in eac
ID: 2736871 • Letter: W
Question
would these be correct so far?
Calculate the amount of money that will be in each of the following accounts at the end of the given deposit period: The amount of money in Theodore Logan III's account at the end of 10 years will be $ (Round to the nearest cent.) The amount of money in Vernell Coles' account at the end of 2 year(s) will be (Round to the nearest cent.) The amount of money in Tina Elliot's account at the end of 5 years will be (Round to the nearest cent.) The amount of money in Wayne Robinson's account at the end of 3 years will be (Round to the nearest cent.) The amount of money in Eunice Chung's account at the end of 6 years will be (Round to the nearest cent.) The amount of money in Kelly Cravens' account at the end of 4 years will be (Round to the nearest cent.)Explanation / Answer
Solution.
Coputation of account balance .
Firstly we calculate effective rate.
Second find table value.
Thired multiply principle with table value.
Account holder Amount Deposited Annual interest rate Compounding Period Per Year Compounding period year Effective rate Table Value Amount Theodore Logan III 1,000.00 12 4 10 12.55% 5.525 5,525.00 Vernell Coles 95,000.00 10 12 2 10.47% 1.724 163,780.00 Tina Elliot 8,000.00 8 3 5 8.22% 3.969 31,752.00 Wayne Robinson 119,000.00 10 2 3 10.25% 2.475 294,525.00 Eunice Chung 31,000.00 16 6 6 17.10% 3.579 110,949.00 kelly Cravens 16,000.00 10 1 4 10% 1.46 23,424.00Related Questions
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