AP9-13 (Algo) Computing Future Values LO9-7 Assume that on January 1 of Year 1, Tesla, Incorporated, decided to start a fund to build an addition to its plant. Tesla will deposit $323,800 in the fund at each year-end, starting on December 31 of Year 1. The fund will earn 9 percent annual interest, which will dded to the balance at each year-end. The accounting period ends December 31 of each year. Required: Complete the following fund accumulation schedule: Note: Round your answers to nearest whole dollar. Date December 31, Year 1 Cash Payment Interest Earned Fund Increase $ 323,800 $ $ o Fund Balance 323,800 $ 323,800
AP9-13 (Algo) Computing Future Values LO9-7 Assume that on January 1 of Year 1, Tesla, Incorporated, decided to start a fund to build an addition to its plant. Tesla will deposit $323,800 in the fund at each year-end, starting on December 31 of Year 1. The fund will earn 9 percent annual interest, which will dded to the balance at each year-end. The accounting period ends December 31 of each year. Required: Complete the following fund accumulation schedule: Note: Round your answers to nearest whole dollar. Date December 31, Year 1 Cash Payment Interest Earned Fund Increase $ 323,800 $ $ o Fund Balance 323,800 $ 323,800
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:AP9-13 (Algo) Computing Future Values LO9-7
Assume that on January 1 of Year 1, Tesla, Incorporated, decided to start a fund to build an addition to its plant. Tesla will deposit
$323,800 in the fund at each year-end, starting on December 31 of Year 1. The fund will earn 9 percent annual interest, which will be
added to the balance at each year-end. The accounting period ends December 31 of each year.
Required:
Complete the following fund accumulation schedule:
Note: Round your answers to nearest whole dollar.
Date
December 31, Year 1
December 31, Year 2
December 31, Year 3
Total
Cash Payment Interest Earned
$ 323,800 $
$
323,800 $
o
Fund Increase
$
Fund Balance
323,800
323,800 $
323,800
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