Using the Compound Interest Tables, Answer the Following Questions $\$ 450,000$

question 93

Essay

Using the compound interest tables, answer the following questions.
Required:
-a. How much will be accumulated on January 1, 2018 if $\$ 450,000$ is deposited on January 1, 2014, andinterest is compoumded annually at $10 \%$ ?
b. How much vill be accumulated on December 31,2024 if $\$ 80,000$ is deposited on December 31,2014, and the fumd pays $9 \%$ interest compounded semiancaally?
c. What will he on deposit on January 1, 2019 if $\$ 50,000$ is deposited on January 1, 2014, in a fund that earns I $6 \%$ interest compounded quarterly?

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Definitions:

Bank Statement

A document issued by a bank that summarizes an account holder's transactions and financial activity over a specified period.

Checking Account

A bank account that allows for numerous withdrawals and deposits, intended primarily for daily transactions.

Check Register

A record book used to track checks written, deposits made, and the current balance of a checking account.

Endorser

Signature on the back of the check of the payee.