Question
Present and future value tables of $1 at 9% are presented below. PV of $1 FV of $1 PVA of $1 FVAD of $1 FVA
Present and future value tables of $1 at 9% are presented below.
| PV of $1 | FV of $1 | PVA of $1 | FVAD of $1 | FVA of $1 | |
| 1 | 0.91743 | 1.09000 | 0.91743 | 1.0900 | 1.0000 |
| 2 | 0.84168 | 1.18810 | 1.75911 | 2.2781 | 2.0900 |
| 3 | 0.77218 | 1.29503 | 2.53129 | 3.5731 | 3.2781 |
| 4 | 0.70843 | 1.41158 | 3.23972 | 4.9847 | 4.5731 |
| 5 | 0.64993 | 1.53862 | 3.88965 | 6.5233 | 5.9847 |
| 6 | 0.59627 | 1.67710 | 4.48592 | 8.2004 | 7.5233 |
Ajax Company purchased a three-year certificate of deposit for its building fund in the amount of $280,000. How much should the certificate of deposit be worth at the end of three years if interest is compounded at an annual rate of 9%?
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