Quiz 07 Chapter 06, 2 Multiple Choice questions
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?
Present Value of | Future Value of | |
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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