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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 4
Computing Growth in a Savings Account: A Single Amount
On January 1, 2013, you deposited $6,000 in a savings account. The account will earn 10 percent annual compound interest, which will be added to the fund balance at the end of each year.
Required : (round to the nearest dollar):
1. What will be the balance in the savings account at the end of 10 years
2. What is the interest for the 10 years
3. How much interest revenue did the fund earn in 2013 2014
On January 1, 2013, you deposited $6,000 in a savings account. The account will earn 10 percent annual compound interest, which will be added to the fund balance at the end of each year.
Required : (round to the nearest dollar):
1. What will be the balance in the savings account at the end of 10 years
2. What is the interest for the 10 years
3. How much interest revenue did the fund earn in 2013 2014
Explanation
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(1) Compute the balance in the savings a...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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