Answered: cash = 1000 time =10 years you need…

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Accounting

cash = 1000 time =10 years you need to deposit $50 annual payment rate= 5% each year how much will you have in 10 years

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.

Question

cash = 1000

time =10 years

you need to deposit $50 annual payment

rate= 5% each year

how much will you have in 10 years

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