Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.12E
Related questions
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:
|
Account Holder
|
Amount
Deposited
|
Annual
Interest Rate
|
Compounding
Periods Per Year (M)
|
Compounding
Periods (Years)
|
|||||
|---|---|---|---|---|---|---|---|---|---|
|
Theodore Logan III
|
$
|
1,100
|
|
18
|
%
|
4
|
|
6
|
|
|
Vernell Coles
|
|
95,000
|
|
8
|
|
2
|
|
2
|
|
|
Tina Elliot
|
|
9,000
|
|
8
|
|
1
|
|
5
|
|
|
Wayne Robinson
|
|
119,000
|
|
12
|
|
3
|
|
4
|
|
|
Eunice Chung
|
|
30,000
|
|
18
|
|
6
|
|
6
|
|
|
Kelly Cravens
|
|
14,000
|
|
12
|
|
12
|
|
5
|
|
a. The amount of money in Theodore Logan III's account
at
the end of
6
years will be
$enter your response here.
(Round to the nearest cent.)Part 2
b. The amount of money in Vernell Coles' account
at
the end of
2
year(s) will be
$enter your response here.
(Round to the nearest cent.) Part 3
c. The amount of money in Tina Elliot's account
at
the end of
5
years will be
$enter your response here.
(Round to the nearest cent.)Part 4
d. The amount of money in Wayne Robinson's account
at
the end of
4
years will be
$enter your response here.
(Round to the nearest cent.)Part 5
e. The amount of money in Eunice Chung's account
at
the end of
6
years will be
$enter your response here.
(Round to the nearest cent.)Part 6
f. The amount of money in Kelly Cravens' account
at
the end of
5
years will be
$enter your response here.
(Round to the nearest cent.)Expert Solution
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