Question
If $10,000 is invested annually in an account with7% interest compoundedyearly, what will the balance of the account be after sixyears? Refer to the following
If $10,000 is invested annually in an account with7% interest compoundedyearly, what will the balance of the account be after sixyears? Refer to the following Future Valuetable:
Future value of annuity of$1:
| 5% | 6% | 7% | 8% | |
| 1 | 1 | 1 | 1 | 1 |
| 2 | 2.05 | 2.06 | 2.07 | 2.08 |
| 3 | 3.153 | 3.184 | 3.215 | 3.246 |
| 4 | 4.31 | 4.375 | 4.44 | 4.506 |
| 5 | 5.526 | 5.637 | 5.751 | 5.867 |
| 6 | 6.802 | 6.975 | 7.153 | 7.336 |
| 7 | 8.142 | 8.394 | 8.654 | 8.923 |
A. $71,530
B. $18,020
C. $79,050
D. $83,290
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Auditing and Assurance services an integrated approach
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley
14th Edition
133081605, 132575957, 9780133081602, 978-0132575959
