Question
Claudine Corporation will deposit $4,000 into a money market account at the end of each year for the next five years. How much will accumulate
Claudine Corporation will deposit $4,000 into a money market account at the end of each year for the next five years. How much will accumulate by the end of the fifth and final payment if the account earns 9% interest?
Note: Use tables, Excel, or a financial calculator. Round your final answer to the nearest whole dollar. (FV of $1, PV of $1, FVA of $1, and PVA of $1).
Multiple Choice - $24,289
- $20,260
- $23,939
- $20,000
Claudine Corporation will deposit $4,000 into a money market account at the end of each year for the next five years. How much will accumulate by the end of the fifth and final payment if the account earns 9% interest?
Note: Use tables, Excel, or a financial calculator. Round your final answer to the nearest whole dollar. (FV of $1, PV of $1, FVA of $1, and PVA of $1).
- $24,289
- $20,260
- $23,939
- $20,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Construction Auditing Planning Implementation Use
Authors: Peter Wotschke, Gregor Kindermann
1st Edition
3658388404, 978-3658388409
