On January 1, 2017, you deposited $6,000 in a savings account. The account will earn 10 percent

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On January 1, 2017, you deposited $6,000 in a savings account. The account will earn 10 percent annual compound interest, which will be added to the fund balance at the end of each year.

Required:

(Round your answers to the nearest dollar.)

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

2. What will the interest be for the ten years?

3. How much interest revenue did the fund earn in 2017? How much will it earn in 2018?

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Related Book For answer-question

Fundamentals of Financial Accounting

ISBN: 978-1259269868

5th Canadian edition

Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh

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Question Posted: Jan 21, 2020 01:42 PM

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On January 1, 2017, you deposited $6,000 in a savings account. The account will earn 10 percent

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Fundamentals of Financial Accounting

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