Use this information to answer the following question. 
What amount must be deposited today so that $1,200 may be withdrawn at the end of each year for three years,assuming an APR of 7 percent?
Definitions:
Allowance for Doubtful Accounts
An estimation of the amount of accounts receivable that may not be collected, which is used as a contra asset to adjust the net value of accounts receivable.
Direct Write-off Method
An accounting approach where uncollectable debts are directly written off against income at the time they are deemed non-recoverable.
Percentage of Sales Method
A financial forecasting model that bases future sales, expenses, and other financial elements as a percentage of sales revenue.
Adjusting Entries
Journal entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
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