Intermediate Accounting 14th Edition

by Kieso, Donald E.; Weygandt, Jerry J.; Warfield, Terry D.

Published by Wiley

ISBN 10: 0470587237

ISBN 13: 978-0-47058-723-2

Chapter 6 - Accounting and the Time Value of Money - Exercises - Page 344: E6-8b

Answer

Amount of each of four contributions is $18, 375.77$

Work Step by Step

Fund balance at June 30, 2018= $82,803.25 \div 4.50611$ (Future value of an ordinary annuity at 8% for four years) = 18, 375.77 Note, the number 4.506 comes from future value tables in the back of the book.

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