Question
A $1,000 is invested at 7% compunded monthly to pay a debt in 5 years. When the debt is due, there are other funds available
A $1,000 is invested at 7% compunded monthly to pay a debt in 5 years. When the debt is due, there are other funds available and the investment remains at the same interest rate for an additional 6 years. How much interest is earned during the entire period and what is the balance of the investment account?
interest earned: $_____?
account balance:$_____?
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Governmental And Nonprofit Accounting Theory And Practice
Authors: Robert J Freeman, Craig D Shoulders, Gregory S Allison, Terry K Patton, Robert Smith,
9th Edition
0132552728, 9780132552721
