13. A company recorded the $29,000 adjusting entry for accrued interest receivable on monies it loaned by debiting expenses and crediting assets for $29,000. Net income is

A. $58,000 understated

B. $29,000 understated

C. $29,000 overstated

D. $58,000 overstated

E. correct

14. Wojo graduated from Duke in 1998. He placed $12,000 into an account and let it grow at 14% compounded quarterly for 24 years. Approximately how much will Wojo have accumulated in 2022 (24 years later)?

A. $278,600

B. $284,200

C. $308,700

D. $326,200

E. $338,900

15. What is the approximate present value of receiving $10,000 per year for 10 years if the first receipt is 5 years from today and interest is discounted at 16% annually?

A. $19,800

B. $23,000

C. $26,700

D. $32,100

E. $48,300

16. What is the approximate present value of receiving $1,000 today and at the end of each of the next thirteen years (14 receipts total) if the discount rate is 12% annually?

A. $5,800

B. $6,400

C. $6,800

D. $7,400

E. $7,800

17. Matthew would like to purchase a new $70,000 automobile when he graduates from Duke in two years. Approximately what must he deposit at the end of each quarter for the next 8 quarters into an account paying interest at an annual rate of 12% compounded quarterly?

A. $7,200

B. $7,500

C. $7,900

D. $8,600

E. $8,800