g Kingman Consulting uses the cash basis of accounting and a fiscal year ending December 31. Beginning on September 1, 2021, Kingman performs services for Renfro International at a rate of $5,000 per month. On February 12, 2022, Renfro pays Kingman $25,000 in full for all services rendered from September 1, 2021 to January 31, 2022. Kingman understated revenues by on its 2021 income statement.

Ichelle is attending college and has a part-time job. once she finishes college, michelle would like to relocate to a metropolitan area. she wants to build her savings so that she will have a "nest egg" to start her off. michelle works out her budget and decides she can afford to set aside $9090 per month for savings. her bank will pay her 4 %4% per year, compounded monthly, on her savings account. what will be michelle's balance in five years?