On January 15, 2025, Concord Corp. adopted a plan to accumulate funds for environmental improvements beginning July
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On January 15, 2025, Concord Corp. adopted a plan to accumulate funds for environmental improvements beginning July 1, 2029, at an estimated cost of $8240000. Concord plans to make four equal annual deposits in a fund that will earn interest at 10% compounded annually. The first deposit was made on July 1, 2025. Future value factors are as follows:
Future value of 1 at 10% for 5 periods | 1.61 |
Future value of ordinary annuity of 1 at 10% for 4 periods | 4.64 |
Future value of annuity due of 1 at 10% for 4 periods | 5.11 |
Concord should make four annual deposits of:
Related Book For
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
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