Wingate Company borrowed $90,000 on January 2, 2019. This amount
plus accrued interest of 6% compounded annually will be repaid at
the end of 3 years.
What amount will Wingate repay at the end of the third year?
(For calculation purposes, use 5 decimal places as
displayed in the factor table provided. Round answer to 2 decimal
places, e.g. 52.75.)
Amount | $ |
We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.
A=90,000*(1.06)^3
=90,000*1.19102
=$107191.8
Wingate Company borrowed $90,000 on January 2, 2019. This amount plus accrued interest of 6% compounded...
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