8. Today you open an account with a $15,200 deposit that earns 14,20% compounded annually....
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Accounting
8. Today you open an account with a $15,200 deposit that earns 14,20% compounded annually. You've set a target for the account so that in exactly 6 years its balance will be $43,500. To reach the target you'll adjust the balance annually; each year's adjustment will be exactly the same amount and the first adjustment occurs exactly one year from now. After the last annual adjustment in exactly 6 years, and crediting of that year's interest, the account balance exactly equals the target. 1. Construct timelines 2. Find the amount of annual adjustment. Is that a deposit or withdrawal
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