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6. Clara is setting up a retirement fund, and she plans on depositing $4,700 per year in an investment that will pay 10% annual interest. How long will it take her to reach her retirement goal of $63,824?

7. A company needs to have $155,000 in 5 years, and will create a fund to insure that the $155,000 will be available. If it can earn a 6% return compounded annually, how much must the company invest in the fund today to equal the $155,000 at the end of 5 years?

A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts Accounts receivable Allowance for uncollectible accounts Net Sales $360,000 debit 550 debit 805,000 credit All sales are made on credit. Based on past experience, the company estimates that 0.5% of net credit sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared