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polet [3.4K]
2 years ago
6

The balance of the revenue account is transferred to the

Business
1 answer:
miv72 [106K]2 years ago
6 0
Credit side of a the balance of revenue account is transferred
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If you deposited $1,000 in a savings account that paid an annual percentage rate of 1 percent and that compounds quarterly, how
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We will have an amount of $1,010.04 at the end of a year if you did not take out any funds.

<h3>What formula will be used to calculate the balance?</h3>

The future value formula will be used to calculate the total balance after a year.

Given that: A = $1,000, i = 1%, n = 1,  m = 4

Future value = $1,000 * (1 + 1%/4)^(1*4)

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Therefore, we will have an amount of $1,010.04 at the end of a year if you did not take out any funds.

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