(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 Annual Compounding Deposited Account Holder Theodore Logan III Vernell Coles Tina Elliot Wayne Robinson Eunice Chung Kelly Cravens Interest Rate Periods Per Year (M) Compounding Periods (Years) $ 1,000 12% 3 10 95,000 8 4 2 8,000 10 6 5 120,000 12 2 3 30,000 15,000 18 12 8 10 1 5 (Click on the icon in order to copy its contents into a spreadsheet.) a. The amount of money in Theodore Logan III's account at the end of 10 years will be $. (Round to the nearest cent.) b. The amount of money in Vernell Coles' account at the end of 2 year(s) will be (Round to the nearest cent.) c. The amount of money in Tina Elliot'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 3 years will be $ (Round to the nearest cent.) e. The amount of money in Eunice Chung's account at the end of 6 years will be $. (Round to the nearest cent.) f. The amount of money in Kelly Cravens' account at the end of 5 years will be $ (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: Amount Annual Compounding Deposited Account Holder Theodore Logan III Vernell Coles Tina Elliot Wayne Robinson Eunice Chung Kelly Cravens Interest Rate Periods Per Year (M) Compounding Periods (Years) $ 1,000 12% 3 10 95,000 8 4 2 8,000 10 6 5 120,000 12 2 3 30,000 15,000 18 12 8 10 1 5 (Click on the icon in order to copy its contents into a spreadsheet.) a. The amount of money in Theodore Logan III's account at the end of 10 years will be $. (Round to the nearest cent.) b. The amount of money in Vernell Coles' account at the end of 2 year(s) will be (Round to the nearest cent.) c. The amount of money in Tina Elliot'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 3 years will be $ (Round to the nearest cent.) e. The amount of money in Eunice Chung's account at the end of 6 years will be $. (Round to the nearest cent.) f. The amount of money in Kelly Cravens' account at the end of 5 years will be $ (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:(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
Annual
Compounding
Deposited
Account Holder
Theodore Logan III
Vernell Coles
Tina Elliot
Wayne Robinson
Eunice Chung
Kelly Cravens
Interest Rate Periods Per Year (M)
Compounding
Periods (Years)
$ 1,000
12%
3
10
95,000
8
4
2
8,000
10
6
5
120,000
12
2
3
30,000
15,000
18
12
8
10
1
5
(Click on the icon in order to copy its contents into a spreadsheet.)
a. The amount of money in Theodore Logan III's account at the end of 10 years will be $. (Round to the nearest cent.)
b. The amount of money in Vernell Coles' account at the end of 2 year(s) will be
(Round to the nearest cent.)
c. The amount of money in Tina Elliot'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 3 years will be $ (Round to the nearest cent.)
e. The amount of money in Eunice Chung's account at the end of 6 years will be $. (Round to the nearest cent.)
f. The amount of money in Kelly Cravens' account at the end of 5 years will be $ (Round to the nearest cent.)
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