Need help with this question You opened a bank account that pays 8% interest compoundedannually and you made a deposit. You made no more deposits andin exactly two years you withdraw all of the funds and close theaccount. The balance at the time you closed the account was$419.90. How much did you initially deposit?

Step 1: Identify the given values.Interest rate = 8% per year (compounded annually)Time period = 2…

Answered: You opened a bank account that pays 8%…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 26Q: A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer...

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You opened a bank account that pays 8% interest compounded annually and you made a deposit. You made no more deposits and in exactly two years you withdraw all of the funds and close the account. The balance at the time you closed the account was $419.90. How much did you initially deposit?