Solved: Determine the balance of bank account, Managerial Accounting

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Determine the balance of bank account

Response to the following problem:

Quarterly compounding Beverly Hills started a paper route on January 1, 2004. Every three months, she deposits $300 in her bank account, which earns 8 percent annually but is compounded quarterly. On December 31, 2007, she used the entire balance in her bank account to invest in an investment at 12 percent annually. How much will she have on December 31, 2010?

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Managerial Accounting: Determine the balance of bank account

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Managerial Accounting: Determine the balance of bank account

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