What will be the balance on september 1 2010 in a fund

Reference no: EM13481463

Use the following 8% interest factors for questions 39 through 40:

Present Value of Ordinary Annuity Future Value of Ordinary Annuity

7 periods 5.2064 8.92280

8 periods 5.7466 10.63663

9 periods 6.2469 12.48756

1. What will be the balance on September 1, 2010 in a fund which is accumulated by making $24,000 annual deposits each September 1beginning in 2003, with the last deposit being made on September 1,2010? The fund pays interest at 8% compounded annually.

a. $255,279

b. $214,148

c. $181,440

d. $137,918

2. What amount should be recorded as the cost of a machine purchased December 31, 2006, which is to be financed by making 8 annual payments of $8,000 each beginning December 31,2007? The applicable interest rate is 8%.

a. $56,000

b. $49,975

c. $85,093

d. $45,973

Reference no: EM13481463

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