Question

Calculate the amount of money that will be in each of the following accounts 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	$	900		12	%	2		6
Vernell Coles		94,000		12		6		2
Tina Elliot		9,000		12		3		6
Wayne Robinson		119,000		10		4		4
Eunice Chung		31,000		18		12		6
Kelly Cravens		13,000		8		1		3

Answer 1

Following is the completed table:

Account Holder	Amount Deposited	Annual Interest Rate	Compounding Periods Per Year​ (M)	Compounding Periods​ (Years)	Formula for FV	FV
Theodore Logan III	$             900.00	12%	2	6	We are given the following information: PV 900 r 12.00% n 6 frequency 2 We need to solve the following equation to arrive at the required FV FV = PV X (1+ -) frequencyxn frequency FV = 900 x (1 +0.12,2x6 FV = 1810.98	$       1,810.98
Vernell Coles	$       94,000.00	12%	6	2	We are given the following information PV $       94,000.00 r 12.00% n 2 frequency 6 We need to solve the following equation to arrive at the required FV FV = 94000 x (1 + 0.12,6x2 FV = 119214.73	$ 1,19,214.73
Tina Elliot	$          9,000.00	12%	3	6	We are given the following information: PV $          9,000.00 r 12.00% n 6 frequency 3 We need to solve the following equation to arrive at the required FV oxecto +1) * 0006 = AJ FV = 18232.35	$     18,232.35
Wayne Robinson	$    1,19,000.00	10%	4	4	We are given the following information PV $    1,19,000.00 r 10.00% n 4 frequency 4 We need to solve the following equation to arrive at the required FV FV = 119000 X (1+ FV = 176656.17	$ 1,76,656.17
Eunice Chung	$       31,000.00	18%	12	6	We are given the following information: PV $       31,000.00 r 18.00% n 6 frequency 12 We need to solve the following equation to arrive at the required FV 0.18 FV = 31000 X (1+ 0.10 12x6 12 FV = 90555,90	$     90,555.90
Kelly Cravens	$       13,000.00	8%	1	3	We are given the following information: PV $       13,000.00 r 8.00% n 3 frequency 1 We need to solve the following equation to arrive at the required FV FV = PV X (1+r)" FV = 13000 x (1 + 0.08) FV = 16376.26	$     16,376.26