Quiz 07 Chapter 06, 2 Multiple Choice questions

SoccerBoss
Category:
Accounting
Price: $5 USD

Question description

1) Given below are the future value factors for 1 at 8% for one to five periods. Interest compounded annually is 8%.

Periods

Future Value of 1 at 8%

1

1.080

2

1.166

3

1.260

4

1.360

5

1.469


What amount will be in a bank account three years from now if $8,000 is invested each year for four years with the first investment to be made today?
2) Use the following 8% interest factors.

Present Value of
Ordinary Annuity

Future Value of
Ordinary Annuity

7 periods

5.2064

8.92280

8 periods

5.7466

10.63663

9 periods

6.2469

12.48756


What will be the balance on September 1, 2020 in a fund which is accumulated by making $20,000 annual deposits each September 1 beginning in 2013, with the last deposit being made on September 1, 2020? The fund pays interest at 8% compounded annually.

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