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16. Jackson deposits $15,000 in a fund at the end of each year for 5 years. The fund pays interest of 4% compounded annually. The balance in the fund at the end of 5 years is computed by multiplying, a. $15,000 by the future value of 1 factor. b. $75,000 by 1.04. C. $75,000 by 1.20. d. $15,000 by the future value of an annuity factor. Page 3 of 3 17 The future value of an annuity factor for 2 periods is equal to a. 1 plus the interest rate. b. 2 plus the interest rate. C. 2 minus the interest rate. d. 2 18. If $20,000 is deposited in a savings account at the end of each year and the account pays interest of 5% compounded annually, what will be the balance of the account at the end of 10 years? a. $32,578 b. $210,000 c. $251.558 d. $300,000 19. Which of the following is not necessary to know in computing the future value of an annuity? a. Amount of the periodic payments b. Interest rate c. Number of compounding periods d. Year the payments begin In present value calculations, the process of determining the present value is called a. allocating b. pricing. c. negotiating. d. discounting. 20. 21. Present value is based on a. the dollar amount to be received. b. the length of time until the amount is received. c. the interest rate. d. all of these