Aucutt Incorporated deposits $100,000 every January 1st and July 1st in a savings account for the next six years so that it can purchase a new piece of machinery at the end of six years. The interest rate is 12%. How much money will Aucutt Incorporated have at the end of six years? (Use spreadsheet software or a financial calculator to calculate your answer. Do not round any intermediary calculations, and round your final answer to the nearest dollar.) $1,686,994 $908,901 $1,788,214 $811,519
Aucutt Incorporated deposits $100,000 every January 1st and July 1st in a savings account for the next six years so that it can purchase a new piece of machinery at the end of six years. The interest rate is 12%. How much money will Aucutt Incorporated have at the end of six years? (Use spreadsheet software or a financial calculator to calculate your answer. Do not round any intermediary calculations, and round your final answer to the nearest dollar.) $1,686,994 $908,901 $1,788,214 $811,519
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Aucutt Incorporated deposits $100,000 every January 1st and July 1st in a savings account for the next six years so that it can purchase a new piece of machinery at the end of six years. The interest rate is 12%. How much money will Aucutt Incorporated have at the end of six years? (Use spreadsheet software or a financial calculator to calculate your answer. Do not round any intermediary calculations, and round your final answer to the nearest dollar.)
$1,686,994
$908,901
$1,788,214
$811,519
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