Currently, the balance of your savings account is $2,200. You have always earned an annual interest rate of 1.8% with this account. You have made just one deposit to this account, which was in the amount of $2,000. Assuming there has not been any withdrawals from this account, how many years ago was the deposit made?

Currently, the balance of your savings account is $2,200. You have always earned an annual interest rate of 1.8% with this account. You have made just one deposit to this account, which was in the amount of $2,000. Assuming there has not been any withdrawals from this account, how many years ago was the deposit made?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...

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