Ajax company purchased a two-year certificate of deposit, Accounting Basics

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Ajax company purchased a two-year certificate of deposit

Present and future value tables of 1 at 9% are presented below.

	PV of $1	FV of $1	PVA of $1	FVAD of $1	FVA of $1
1	0.91743	1.09000	0.91743	1.0900	1.0000
2	0.84168	1.18810	1.75911	2.2781	2.0900
3	0.77218	1.29503	2.53129	3.5731	3.2781
4	0.70843	1.41158	3.23972	4.9847	4.5731
5	0.64993	1.53862	3.88965	6.5233	5.9847
6	0.59627	1.67710	4.48592	8.2004	7.5233

Ajax Company purchased a two-year certificate of deposit for its building fund in the amount of $180,000. How much should the certificate of deposit be worth at the end of two years if interest is compounded at an annual rate of 9%?

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Accounting Basics: Ajax company purchased a two-year certificate of deposit

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Accounting Basics: Ajax company purchased a two-year certificate of deposit

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