Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby

Exercise 6

You are saving up for a Mercedes-Benz SLR McLaren, which currently sells for nearly half a million dollars. Your plan is to deposit $15,000 at the end of each year for the next 10 years. You expect to earn 5 percent each year. How much will you have saved after 10 years, rounded to the nearest 10 dollars
A) $150,000.
B) $188,670.
C) $495,990.
D) None of the above.