(Related to Checkpoint 5.3) (Compound interest with non-annual periods) Calculat
ID: 2817709 • Letter: #
Question
(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: 10 10% 12 12 Theodore Logan Ill Vernell Coles Tina Eliot Wayne Robinson Eunice Chung Kellv Cravens $ 1,000 95,000 8,000 120,000 30,000 15.000 12 10 12 a. The amount of money in Theodore Logan lirs account at the end of 10 years will be S (Round to the nearest cent) b. The amount of money in Vernel Coles' acount at the end of 1 yearts) will be(Round to the nearest cent.) c. The amount of money in Tina Elliors account at the end of 2 years will be (Round to the nearest cent)Explanation / Answer
a. Future value at the end of 10 years = $ 1,000 x ( 1 + 0.10 / 1) 10 x 1 = $ 2,593.74
b. Future value at the end of 1 year = $ 95,000 x ( 1 + 0.12 / 12) 1 x 12 = $ 107,048.38
c. Future value at the end of 2 years = $ 8,000 x ( 1 + 0.12 / 6 ) 2 x 6 = $ 10,145.93
d. Future value at the end of 2 years = $ 120,000 x ( 1 + 0.08 / 4 ) 2 x 4 = $ 140,599.13
e. Future value at the end of 4 years = $ 30,000 x ( 1 + 0.10 / 2) 4 x 2 = $ 44,323.66
f. Future value at the end of 3 years = $ 15,000 x ( 1 + 0.12 / 3) 3 x 3 = $ 21,349.68
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.