On January 1, you deposited $6,000 in an investment account. The account will earn 10 percent annual
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On January 1, you deposited $6,000 in an investment 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
1. What will be the balance in the 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 the first year? the second year?
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year Opening balance Interest rate Closing balance interest for the year 1 6000 11 6600 60...View the full answer
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Related Book For 
Fundamentals Of Financial Accounting
ISBN: 9781265440169
7th Edition
Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby
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