FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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A company wants to accumulate a sum of money to repay certain debts due in the
future. The company will make annual deposits of $175,000 into a special bank
account at the end of each of 10 years. Assuming the bank account pays 8% interest
compounded annually, what will be the fund balance after the last payment is made in
ten years?
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Transcribed Image Text:A company wants to accumulate a sum of money to repay certain debts due in the future. The company will make annual deposits of $175,000 into a special bank account at the end of each of 10 years. Assuming the bank account pays 8% interest compounded annually, what will be the fund balance after the last payment is made in ten years?
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