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Mark Welsch deposits $8,100 in an account that earns interest at an annual rate of 8%, compounded quarterly. The $8,100 plus earned interest must remain in the account 2 years before it can be withdrawn. How much money will be in the account at the end of 2 years? (D) of $15 $1 DV £ $11

Mark Welsch deposits $8,100 in an account that earns interest at an annual rate of 8%, compounded quarterly. The $8,100 plus earned interest must remain in the account 2 years before it can be withdrawn. How much money will be in the account at the end of 2 years? (D) of $15 $1 DV £ $11

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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Mark Welsch deposits $8,100 in an account that earns interest at an annual rate of 8%, compounded quarterly. The $8,100 plus earned interest must remain in the account 2 years before it can be withdrawn. How much money will be in the account at the end of 2 years? (PV of $1, FV of $1, PVA of $1, and FVA of $1) Note: Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places. Present Value $ 8,100 Answer is complete but not entirely correct. Total Accumulation Table Factor 7.3255 $ 59,336.55
Transcribed Image Text:Mark Welsch deposits $8,100 in an account that earns interest at an annual rate of 8%, compounded quarterly. The $8,100 plus earned interest must remain in the account 2 years before it can be withdrawn. How much money will be in the account at the end of 2 years? (PV of $1, FV of $1, PVA of $1, and FVA of $1) Note: Use appropriate factor(s) from the tables provided. Round "Table Factor" to 4 decimal places. Present Value $ 8,100 Answer is complete but not entirely correct. Total Accumulation Table Factor 7.3255 $ 59,336.55
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