If no other deposits, withdrawals , or rate changes occurs, how much money did the account have on January 1, 2019? B. Determine the total interest that was earned from January 1, 2019?

Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.14E
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On January 1, 2003, $12,500 was deposited into a savings account that earns 2.25% interest compounded monthly. On January 1, 2010, $2600 was deposited into the account and the bank changed the interest rate to 2.70% compounded monthly. On January 1, 2015, $5,800 was withdrawn from the account and the interest rate was lowered to 1.65% compounded monthly.

 

A. If no other deposits, withdrawals , or rate changes occurs, how much money did the account have on January 1, 2019?

B. Determine the total interest that was earned from January 1, 2019?

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