How much be contributed each year to provide a fund, Accounting Basics

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How much be contributed each year to provide a fund

Alex Hardaway borrowed $90,000 on March 1, 2008. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2018. To retire this debt, Alex plans to contribute to adebt retirement fund five equal amounts starting on March 1, 2013, and for the next 4 years. The fund is expected to earn 10% per annum.

How much must be contributed each year by Alex Hardaway to provide a fund sufficient to retire the debt on March 1, 2018?

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Accounting Basics: How much be contributed each year to provide a fund

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Accounting Basics: How much be contributed each year to provide a fund

Reference No:- TGS0555733

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Find inventory turnover and days in inventory for company

Q : Calculate quantity of units completed and transfer-out

Q : What is your evaluation of its collection policies

Q : Explain future benefits of the equipment

Q : How much be contributed each year to provide a fund

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Q : What is the net amount of accounts receivable

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: How much be contributed each year to provide a fund

Reference No:- TGS0555733

Recent Questions Asked Accounting Basics

Q : Find inventory turnover and days in inventory for company

Q : Calculate quantity of units completed and transfer-out

Q : What is your evaluation of its collection policies

Q : Explain future benefits of the equipment

Q : How much be contributed each year to provide a fund

Q : What financial ratio is most affected by the action

Q : Compute cost of goods sold

Q : What is the net amount of accounts receivable

Q : Prepare the entries on the appropriate dates to record

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