1a.Suppose $100 is withdrawn at the end of 2023, emptying an account that earns 5% interest, compounded annually. Whatamount was deposited when the account was originally opened in 2020?Show any work; partial credit might not be awarded in the absence of mnemonic notation [e.g., F(P/F, i, n)].EditFormatTableBIUA evアン||| ||12pt vParagraph vhpto%,61の00

Solution Given Value at end of 2023 (F) $100 Interest rate (i) 5% Number of years…

la. Suppose $100 is withdrawn at the end of 2023, emptying an account that earns 5% interest, compounded annually. What amount was deposited when the account was originally opened in 2020? Chow any work; partial credit might not be awarded in the absence of mnemonic notation [e.g., F(P/F, i, n)]. Edit Format Table

la. Suppose $100 is withdrawn at the end of 2023, emptying an account that earns 5% interest, compounded annually. What amount was deposited when the account was originally opened in 2020? Chow any work; partial credit might not be awarded in the absence of mnemonic notation [e.g., F(P/F, i, n)]. Edit Format Table

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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4a. Suppose two $100 withdrawals are made, the first in 2022 and the second in 2026, emptying an account that earns 5% interest, compounded annually. What amount was deposited when the account was originally opened in 2020? Show any work; partial credit might not be awarded in the absence of mnemonic notation [e.g., F(P/F, i, n)].
3. Suppose $100 was deposited in 2022 into an account that earns 5% interest, compounded annually. At the end of what year would it first be possible to withdraw $350? Show any work; partial credit might not be awarded in the absence of mnemonic notation [e.g., F(P/F, i, n)].
4a. Suppose two $100 withdrawals are made, the first in 2022 and the second in 2026, emptying an account that earns 5% interest, compounded annually. What amount was deposited when the account was originally opened in 2020? Un dit night not bo quardod in the absence of mnemonic notation le g F(P/E i p)l.
1b. Originally, the depositor intended to withdraw $100 at the end of 2022, emptying an account that earns 5% interest, compounded annually. Now, suppose the depositor changes their mind (i.e., does not empty the account in 2022) and instead delays withdrawing their money until 2025. What withdrawal amount would empty the account? night not he awarded in the absence of mnemonic notation [e.g., F(P/F, i, n)].
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4c. Originally, the depositor intended to make two $100 withdrawals, the first in 2022 and the second in 2026, emptying an account that earns 5% interest, compounded annually. Now, suppose the depositor changes their mind (again) and instead decides to empty the account with a single withdrawal in 2029. What is the withdrawal amount that would empty the account? (The original data must be used; that is, the answers to (4a-b) may only be used to verify the answer to this question.) Light not he awarded in the absence of mnemonic notation [e.g., F(P/F, i, n)]. lit
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