You opened a savings account at Blue Wave Credit Union that pays 6% interest compounded annually. You made a single deposit and left the money untouched. After exactly three years, you withdrew all the funds and closed the account. The balance at the time you closed the account was $752.60. How much did you initially deposit?

You opened a savings account at Blue Wave Credit Union that pays 6% interest compounded annually. You made a single deposit and left the money untouched. After exactly three years, you withdrew all the funds and closed the account. The balance at the time you closed the account was $752.60. 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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