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Years months had made regular equal deposits into a savings account at the end of every month for 4 years. The investments were earning 5.10% compounded quarterly and grew to $14,250 at the end of 4 years.
Problem a. Calculate the size of the month-end deposits.
Problem b. How long will it take for the $14,250 to accumulate to $30,520 if the interest rate remained the same and he continued making the same month-end deposits throughout the term?
The following data, presented in alphabetical order, are taken from the records of Nieto Corporation. The investment in Sasse common stock is considered to be a long-term available-for-sale security.
Find How much money should he place today in a saving account that earns 5.57 percent per year (compounded daily) to accumulate money for down payment?
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Record the journal entry to record the purchase, and any adjusting entries necessary at the 12/31 balance sheet date.
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