Question: On January 1 2014 Austin Auto Company decided to accumulate

On January 1, 2014, Austin Auto Company decided to accumulate a fund to build an addition to its plant.
The company will deposit $320,000 in the fund at each year-end, starting on December 31, 2014. The fund will earn 9 percent interest, which will be added to the balance at each year-end. The accounting period ends December 31.
1. What will be the balance in the fund immediately after the December 31, 2016, deposit?
2. Complete the following fund accumulationschedule:

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  • CreatedJuly 01, 2014
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