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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Future Value Hugh Colson deposited $20,000 in a special savings account that provides for interest at the annual rate of 12% compounded semiannually if the deposit is maintained for 4 years.
Required:
Calculate the balance of the savings account at the end of the 4-year period.
Determine the amount of balance available in the savings account at the end of 4 year period.
Future Value of a single sum: The future value is value of single present amount (single sum) compounded at an interest rate until a particular future date.
Determine the amount of balance available in the savings account at the end of 4 year-period.
Therefore, the amount of balance available in the savings account at the end of 4 year period is $31,876
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