You opened a bank account that pays 6% interest compounded annually and you made a deposit. You made no more deposits and in exactly three years you withdraw all of the funds and close the account. The balance at the time you closed the account was $579.64. How much did you initially deposit?

You opened a bank account that pays 6% interest compounded annually and you made a deposit. You made no more deposits and in exactly three years you withdraw all of the funds and close the account. The balance at the time you closed the account was $579.64. How much did you initially deposit?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...

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General accounting

You opened a bank account that pays 6% interest compounded annually and
you made a deposit. You made no more deposits and in exactly three years
you withdraw all of the funds and close the account. The balance at the time
you closed the account was $579.64. How much did you initially deposit?

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