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la. Suppose $100 is withdrawn at the end of 2023, emptying an account that earns 5% interest, compounded annually. What amount was deposited when the account was originally opened in 2020? Chow any work; partial credit might not be awarded in the absence of mnemonic notation [e.g., F(P/F, i, n)]. Edit Format Table

la. Suppose $100 is withdrawn at the end of 2023, emptying an account that earns 5% interest, compounded annually. What amount was deposited when the account was originally opened in 2020? Chow any work; partial credit might not be awarded in the absence of mnemonic notation [e.g., F(P/F, i, n)]. Edit Format Table

FINANCIAL ACCOUNTING
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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1a. Suppose $100 is withdrawn at the end of 2023, emptying an account that earns 5% interest, compounded annually. What amount was deposited when the account was originally opened in 2020? Show any work; partial credit might not be awarded in the absence of mnemonic notation [e.g., F(P/F, i, n)]. Edit Format Table BIUA ev アン||| || 12pt v Paragraph v hp to %, 61 の 00
Transcribed Image Text:1a. Suppose $100 is withdrawn at the end of 2023, emptying an account that earns 5% interest, compounded annually. What amount was deposited when the account was originally opened in 2020? Show any work; partial credit might not be awarded in the absence of mnemonic notation [e.g., F(P/F, i, n)]. Edit Format Table BIUA ev アン||| || 12pt v Paragraph v hp to %, 61 の 00
Expert Solution
Step 1

Solution

Given

Value at end of 2023 (F)

$100

Interest rate (i)

5%

Number of years (2020 to 2023 ) (n)

4 years

Value at the beginning of 2020 (P)

?
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