Solved: If 6000 is deposited annually starting on january 1 2012, Accounting Basics

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If 6000 is deposited annually starting on january 1 2012

Question - Use the following 8% interest factors.

Present Value of Future Value of

Ordinary Annuity Ordinary Annuity

7 periods 5.2064 8.92280

8 periods 5.7466 10.63663

9 periods 6.2469 12.48756

If $6,000 is deposited annually starting on January 1, 2012 and it earns 8%, what will the balance be on December 31, 2019?

A) $53,537

B) $63,820

C) $57,820

D) $68,925

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Accounting Basics: If 6000 is deposited annually starting on january 1 2012

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