Kid #1 - Is six years old...assume we have 12 years to accumulate $100,000. How much will I need to put in each month if I earn 6% interest?
Kid #1 - Is six years old...assume we have 12 years to accumulate $100,000. How much will I need to put in each month if I earn 6% interest?
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 9.12AMCP
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Question
Your friends were excited to hear you have chosen accounting for a career. They have several practical questions regarding money and interest (time value of money). Please assist your friends by answering their respective questions.
For each question:
- Estimate without using a table, calculator, etc.
- Document the “step-by-step” detail showing them how you solved the question.
NOTE: To solve use one of the following:
- EXCEL
Include all the detail steps for whichever tool you choose. For example, if using EXCEL show all formulas (copy so reader could duplicate your work). If using a business calculator, in detail in proper order show numbers and buttons you input to obtain your answer.
- Provide a one to three sentence written explanation to your friend explaining the basic time value of money concept(s) impacting the solution.
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