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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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
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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