On January 1, 2018, you deposited $8,000 in a savings account. The account will earn 8 percent

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On January 1, 2018, 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 (round to the nearest dollar):

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 2018 and in 2019?

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Managerial Accounting

ISBN: 978-1260413984

4th edition

Authors: Stacey Whitecotton, Robert Libby, Fred Phillips

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Question Posted: Nov 19, 2019 06:01 AM

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On January 1, 2018, you deposited $8,000 in a savings account. The account will earn 8 percent

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Managerial Accounting

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