What will be the balance on September 027 in a fund which is accumulated by aking $30,000 annual deposits each
What will be the balance on September 027 in a fund which is accumulated by aking $30,000 annual deposits each
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 9RE
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Question
![What will be the balance on September 1,
2027 in a fund which is accumulated by
making $30,000 annual deposits each
September 1 beginning in 2020, with the
last deposit being made on September 1,
2027? The fund pays interest at 8%
compounded annually.
Example of Answer: 4000 (No comma,
space, decimal point, or $ sign) Round:
2.31 = 2; 2.65=3
A](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F572db862-e509-4419-9ca2-fed87cd6c4f5%2F57113db2-0a67-4382-964f-0c3718496523%2F90pu47v_processed.jpeg&w=3840&q=75)
Transcribed Image Text:What will be the balance on September 1,
2027 in a fund which is accumulated by
making $30,000 annual deposits each
September 1 beginning in 2020, with the
last deposit being made on September 1,
2027? The fund pays interest at 8%
compounded annually.
Example of Answer: 4000 (No comma,
space, decimal point, or $ sign) Round:
2.31 = 2; 2.65=3
A
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