1. Juan Garza invested $114,000 10 years ago at 8 percent, compounded quarterly. How much has he accumulated? Use Appendix A for an approximate answer but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)
Future value $
2. Explain the following statements: although the balance sheet can be thought of as a snap shot of a firms financial position at a point in time, the income statement reports on operations over a period of time.