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On January 1, Alan King decided to deposit $60,100 in a savings account that will provide funds four years later to send his son to
On January 1, Alan King decided to deposit $60,100 in a savings account that will provide funds four years later to send his son to college. The savings account will earn 7% annually. Any interest earned will be added to the fund at year-end (rather than withdrawn).
- how much will be available in four years
- prepare the journal entry that alan should make on jaunary 1
- what is the total interest for the four years
- Prepare the journal entry that Alan should make on December 31 of the first year and December 31 of the second year
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