Question

Exercise C10A: You are going to create a statement, by hand, using only the formulas on the chapter 10 chart (which we have looked at in class). The statement will display the information for a simple interest account for four years. You may NOT use Excel. If done correctly, the statement layout will look similar to Table 1 on page 431. The table that you create will have the following five columns: Date, Deposits, Withdrawals, Interest, and Balance. Fill in the appropriate dates (starting at the beginning of the account) when a deposit or withdrawal is made and/or when interest is earned. Fill in the appropriate values if any deposits are made, if any withdrawals are made, what interest is earned when interest is computed, and the balance at the end of the compound period. Create the statement that shows this information from the time of the initial deposit to the end of the six years for the following situation: On January 1, 2012, $26,471 was put into an account that earns 2.1% simple interest. The account is left alone to earn interest for the next six vears. Create a statement that shows the information about the account during the next four years (1/1/2012 to 1/1/2016). Note that you should have a balance of $28,694.56 on 1/1/2016 O.1 Inte Table 1 Deposits Withdrawals Interest Balance Date $100.00 1/1/16 $100.00 101.00 $1.00 102.01 1.01 1.02 103.03 10/1/16 104.06 1.03

Answer 1

lane AateAeposits 1112012 26,471 555.02306- 275%-46 山114 2759446 ケ67.56 27026 9oX2 1445 59.48 28133.94 27594, 46 x2. 591.085- 94x2-1