(Compound interst with non-annual periods) Calcuate the amount of money that wil

Question

(Compound interst with non-annual periods) Calcuate the amount of money that will be in each of the following accounts at the end of the given deposit period:

A. The ammout of money Theodor Logon III's account at the end of 10 years will be $
b. The amount of money Vernells Coles' account at the end of 3 years will be $
c. the ammount of money in Tina Elliot's acccount at the end of 5 years will be $
d. The amount of money in Wayne Robinson's account at the end of 4 years will be $
e. The amount of money in Eunice Chung's account at the end of 6 years will be $
f.The amount of money in Kelly Cravens' account at the end of 5 years will be $

Account Holder Amount Deposited Annual Intrest Rate Compounding periods per Year (M) CompoundingPeriods(years) TheodoreLoganIII $ 1,000 16% 2 10 Vernell Coles 95,000 12 6 3 Tina Elliot 9,000 8 12 5 Wayne Robinson 119,000 10 4 4 Eunice Chung 28,000 18 3 6 Kelly Carvens 15,000 8 1 5

Explanation / Answer

compouding interest formula: A = P(1 + r/n)nt Where: A = Accrued Amount (principal + interest) P = Principal Amount I = Interest Amount R = Annual Nominal Interest Rate in percent r = Annual Nominal Interest Rate as a decimal r = R/100 t = Time Involved in years, 0.5 years is calculated as 6 months, etc. n = number of compounding periods per unit t; at the END of each period Account Holder Amount Deposited Annual Intrest Rate Compounding periods per Year (M) CompoundingPeriods(years) Money at the end of given period TheodoreLoganIII $1,000 16% 2 10 $4,660.96 Vernell Coles 95,000 12 6 3 $135,683.39 Tina Elliot 9,000 8 12 5 $13,408.61 Wayne Robinson 119,000 10 4 4 $176,656.17 Eunice Chung 28,000 18 3 6 $79,921.50 Kelly Carvens 15,000 8 1 5 $22,039.92 A. The ammout of money Theodor Logon III's account at the end of 10 years will be $ 4660.96 b. The amount of money Vernells Coles' account at the end of 3 years will be $ 135683.39 c. the ammount of money in Tina Elliot's acccount at the end of 5 years will be $13408.61 d. The amount of money in Wayne Robinson's account at the end of 4 years will be $ 176656.17 e. The amount of money in Eunice Chung's account at the end of 6 years will be $ 79921.5 f.The amount of money in Kelly Cravens' account at the end of 5 years will be $ 22039.92

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