Question
On January 1, 2018, you deposited $6,500 in a savings account. The account will earn 8 percent annual compound interest, which will be added to
On January 1, 2018, you deposited $6,500 in a savings account. The account will earn 8 percent annual compound interest, which will be added to the fund balance at the end of each year.
1.What will be the balance in the savings account at the end of 8 years?
2.What is the total interest for the 8 years?
3.How much interest revenue did the fund earn in 2018 and in 2019?
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College Accounting Chapters 1-13
Authors: John Price, M David Haddock, Michael Farina
13th Edition
007743062X, 9780077430627
