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As the winner of a competition you are entitled to $5,000 at the end of next year, with the amount growing at 5% p.a. for
As the winner of a competition you are entitled to $5,000 at the end of next year, with the amount growing at 5% p.a. for 10 years. Assuming the interest rate for valuing this prize is 10% p.a., its future value at the end of year 10 will be closest to:
Group of answer choices
a)$79,687.
b)$96,485.
c)$159,374.
d)$259,374.
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