13. happy Corp. established a fund where they pay $200 annually into the fund. The interest rate that the fund earns is an annual rate of 6%. what will be the balance of the fund at the end of 5 years? Round to the nearest dollar

13. happy Corp. established a fund where they pay $200 annually into the fund. The interest rate that the fund earns is an annual rate of 6%. what will be the balance of the fund at the end of 5 years? Round to the nearest dollar

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Concept explainers

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.

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13.
happy Corp. established a fund where they pay $200 annually into the fund. The interest rate that the fund earns is an annual rate of 6%. what will be the balance of the fund at the end of 5 years? Round to the nearest dollar

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