Knowledge Check Davis Depot invested $14,000 in a savings account paying 5% interest on January 1, 2025, to accumulate funds to buy a new forklift on January 1, 2030. What amount will be in the savings account as of January 1, 2030? (For calculation purposes, use five decimal places as displayed in the factor table provided. Round your answer to two decimal places (e.g., 52.75).) Table 1: Future Value of a Single Amount (n) Periods 4% 5% 6% 7% 0 1.00000 1.00000 1.00000 1.00000 1 1.04000 1.05000 1.06000 1.07000 2 1.08160 1.10250 1.12360 1.14490 3 1.12486 1.15763 1.19102 1.22504 4 1.16986 1.21551 1.26248 1.31080 5 1.21665 1.27628 1.33823 1.40255 D Savings account balance as of January 1, 2030 $

Knowledge Check Davis Depot invested $14,000 in a savings account paying 5% interest on January 1, 2025, to accumulate funds to buy a new forklift on January 1, 2030. What amount will be in the savings account as of January 1, 2030? (For calculation purposes, use five decimal places as displayed in the factor table provided. Round your answer to two decimal places (e.g., 52.75).) Table 1: Future Value of a Single Amount (n) Periods 4% 5% 6% 7% 0 1.00000 1.00000 1.00000 1.00000 1 1.04000 1.05000 1.06000 1.07000 2 1.08160 1.10250 1.12360 1.14490 3 1.12486 1.15763 1.19102 1.22504 4 1.16986 1.21551 1.26248 1.31080 5 1.21665 1.27628 1.33823 1.40255 D Savings account balance as of January 1, 2030 $

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 1MC

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