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On January 1, 2018, you deposited $6,300 in a savings account. The account will earn 9 percent annual compound interest, which will we added
On January 1, 2018, you deposited $6,300 in a savings account. The account will earn 9 percent annual compound interest, which will we added to the fund balance at the end of each year. Required: What will be the balance in the savings account at the end of 7 years? 2. What is the total interest for the 7 years? 3. How much interest revenue did the fund earn in 2018 and in 2019?
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Introduction to Governmental and Not for Profit Accounting
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
7th edition
9780132776073, 132776014, 978-0132776011
