(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: Compounding Periods Per Year (M) Compounding Periods (Years) 3 6 4 2 Amount Deposited Account Holder Theodore Logan III Vernell Coles Tina Elliot Wayne Robinson 121,000 12 Eunice Chung 32,000 18 Kelly Cravens 13,000 10 (Click on the icon in order to copy its contents into a spreadsheet) $ Annual Interest Rate 16% 10 12 1,100 95,000 9,000 2 1 12 5 5 4 a. The amount of money in Theodore Logan IIT's account at the end of 6 years will be $ (Round to the nearest cent) b. The amount of money in Vermell Coles' account at the end of 2 year(s) will be $ (Round to the nearest cent.) e. The amount of money in Tina Eliot's account at the end of 5 years will be $ (Round to the nearest cent.) d. The amount of money in Wayne Robinson's account at the end of 5 years will be $ e. The amount of money in Eunice Chung's account at the end of 4 years will be $ t. The amount of money in Kelly Cravens' account at the end of 5 years will be $ (Round to the nearest cent.) (Round to the nearest cent.) (Round to the nearest cent.)
(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: Compounding Periods Per Year (M) Compounding Periods (Years) 3 6 4 2 Amount Deposited Account Holder Theodore Logan III Vernell Coles Tina Elliot Wayne Robinson 121,000 12 Eunice Chung 32,000 18 Kelly Cravens 13,000 10 (Click on the icon in order to copy its contents into a spreadsheet) $ Annual Interest Rate 16% 10 12 1,100 95,000 9,000 2 1 12 5 5 4 a. The amount of money in Theodore Logan IIT's account at the end of 6 years will be $ (Round to the nearest cent) b. The amount of money in Vermell Coles' account at the end of 2 year(s) will be $ (Round to the nearest cent.) e. The amount of money in Tina Eliot's account at the end of 5 years will be $ (Round to the nearest cent.) d. The amount of money in Wayne Robinson's account at the end of 5 years will be $ e. The amount of money in Eunice Chung's account at the end of 4 years will be $ t. The amount of money in Kelly Cravens' account at the end of 5 years will be $ (Round to the nearest cent.) (Round to the nearest cent.) (Round to the nearest cent.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:**Compound Interest with Non-Annual Periods**
### Calculate the Amount of Money in Accounts
The table below provides details on various account holders, the amounts deposited, their respective annual interest rates, compounding periods per year, and the total compounding period in years. Use this information to calculate the amount of money each account will contain at the end of the given deposit period.
| Account Holder | Amount Deposited | Annual Interest Rate (%) | Compounding Periods Per Year (M) | Compounding Periods (Years) |
|---------------------|------------------|--------------------------|-----------------------------------|-----------------------------|
| Theodore Logan III | $1,100 | 16 | 3 | 6 |
| Vermell Coles | $2,100 | 12 | 4 | 2 |
| Tina Elliot | $19,000 | 10 | 2 | 5 |
| Wayne Robinson | $2,000 | 18 | 4 | 5 |
| Eunice Chung | $12,000 | 12 | 8 | 4 |
| Kelly Cravens | $13,000 | 8 | 12 | 5 |
### Tasks
1. The amount of money in Theodore Logan III's account at the end of 6 years will be $________ (Round to the nearest cent.)
2. The amount of money in Vermell Coles' account at the end of 2 years will be $________ (Round to the nearest cent.)
3. The amount of money in Tina Elliot's account at the end of 5 years will be $________ (Round to the nearest cent.)
4. The amount of money in Wayne Robinson's account at the end of 5 years will be $________ (Round to the nearest cent.)
5. The amount of money in Eunice Chung's account at the end of 4 years will be $________ (Round to the nearest cent.)
6. The amount of money in Kelly Cravens' account at the end of 5 years will be $________ (Round to the nearest cent.)
Click on the icon in order to copy its contents into a spreadsheet.
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