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A depositor open a new savings account with $6000 at 5% compounded semiannually. At the end of 4 years, an additional $7000 is deposited. At the end of 5 years, What is the balance in the account?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 2E: Future Value Hugh Colson deposited 20,000 in a special savings account that provides for interest at...

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A depositor open a new savings account with $6000 at 5% compounded semiannually. At the end of 4 years, an additional $7000 is deposited. At the end of 5 years, What is the balance in the account?

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