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Homework answers / question archive / Account Holder Theodore Logan III Vernell Coles Tina Elliot Wayne Robinson Eunice Chung Kelly Cravens Amount Deposited $ 1,000 94,000 7,000 119,000 29,000 15,000 Annual Compounding Compounding Interest Rate Periods Per Year (M) Periods (Years) 18% 1 6 10 12 3 12 4 8 6 12 10 2 3 won won wo

Account Holder Theodore Logan III Vernell Coles Tina Elliot Wayne Robinson Eunice Chung Kelly Cravens Amount Deposited $ 1,000 94,000 7,000 119,000 29,000 15,000 Annual Compounding Compounding Interest Rate Periods Per Year (M) Periods (Years) 18% 1 6 10 12 3 12 4 8 6 12 10 2 3 won won wo

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Account Holder Theodore Logan III Vernell Coles Tina Elliot Wayne Robinson Eunice Chung Kelly Cravens Amount Deposited $ 1,000 94,000 7,000 119,000 29,000 15,000 Annual Compounding Compounding Interest Rate Periods Per Year (M) Periods (Years) 18% 1 6 10 12 3 12 4 8 6 12 10 2 3 won won wo

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The future value is computed as shown below:

= Present value x (1 + r)n

a. The amount is computed as follows:

= $ 1,000 x (1 + 0.18) 6

= $ 1,000 x 1.186

= $ 2,699.55 Approximately

b. The amount is computed as follows:

= $ 94,000 x (1 + 0.10 / 12) 3 x 12

= $ 94,000 x 1.00833333336

= $ 126,729.09 Approximately

c. The amount is computed as follows:

= $ 7,000 x (1 + 0.12 / 4) 5 x 4

= $ 7,000 x 1.0320

= $ 12,642.78 Approximately

d. The amount is computed as follows:

= $ 119,000 x (1 + 0.08 / 6) 3 x 6

= $ 119,000 x 1.01333333318

= $ 151,038.92 Approximately

e. The amount is computed as follows:

= $ 29,000 x (1 + 0.12 / 3)5 x 3

= $ 29,000 x 1.0415

= $ 52,227.36 Approximately

f. The amount is computed as follows:

= $ 15,000 x (1 + 0.10 / 2) 3 x 2

= $ 15,000 x 1.056

= $ 20,101.43 Approximately