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On each December 31, you plan to deposit $3,500 in a savings account. The account will earn 13 percent annual interest, which will be added

On each December 31, you plan to deposit $3,500 in a savings account. The account will earn 13 percent annual interest, which will be added to the fund balance at year-end. The first deposit will be made December 31, 2014 (end of period). (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.)

2. What will be the balance in the savings account at the end of the 6th year (i.e., after 6 deposits)?

- Balance in the savings account

3.

What is the interest earned on the 6 deposits?

- Interest earned

4. How much interest revenue did the fund earn in 2015? 2016? (Do not round intermediate calculations.)

Interest Revenue 2015 2016

5. Prepare the all required journal entries at the end of 2015 and 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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