23) If Bob deposits $5000 at the end of each year for 4 years in an account payi

Business & Finance
Tutor: None Selected Time limit: 1 Day

23) If Bob deposits $5000 at the end of each year for 4 years in an account paying 6% interest compounded annually, find the amount he will have on deposit. 

A) $15,918.00 

B) $21,875.00 

C) $16,873.08 

D) $28,185.46

Apr 26th, 2015

5000(1.06) = 5300, add 5000

10300(1.06) = 10918, add 5000

15918(1.06) = 16873.08, add 5000

21873.08(1.06) = 23185.46, add 5000

23185.46 + 5000 = $28,185.46  Choice D

Apr 26th, 2015

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