On January 1, 2013, you deposited $8,000 in a savings account. The account will earn 8 percent

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On January 1, 2013, you deposited $8,000 in a savings account. The account will earn 8 percent annual compound interest, which will be added to the fund balance at the end of each year.

Required:

1. What will be the balance in the savings account at the end of 10 years?

2. What is the total interest for the 10 years?

3. How much interest revenue did the fund earn in 2013 and in2014?

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Managerial Accounting

ISBN: 978-0078025518

2nd edition

Authors: Stacey Whitecotton, Robert Libby, Fred Phillips

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Question Posted: Feb 27, 2015 10:28 AM

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On January 1, 2013, you deposited $8,000 in a savings account. The account will earn 8 percent

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Req 1 8000 x 21589 1727120 Req 2 ...View the full answer

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