Use the Compound Interest Table to Calculate the Maturity Value

Multiple Choice

Use the compound interest table to calculate the maturity value on Jackson s principal of $7,250 at 12% compounded annually for five years. $\begin{array}{l}\begin{array}{ccccc}\hline n & 6 \% & 7 \% & 8 \% & 9 \% \\\hline 1 & 1.06000000 & 1.07000000 & 1.08000000 & 1.09000000 \\2 & 1.12360000 & 1.14490000 & 1.16640000 & 1.18810000 \\3 & 1.19101600 & 1.22504300 & 1.25971200 & 1.29502900 \\4 & 1.26247696 & 1.31079601 & 1.36048896 & 1.41158161 \\5 & 1.33822558 & 1.40255173 & 1.46932808 & 1.53862395 \\\\6 & 1.41851911 & 1.50073035 & 1.58687432 & 1.67710011 \\7 & 1.50363026 & 1.60578148 & 1.71382427 & 1.82803912 \\8 & 1.59384807 & 1.71818618 & 1.85093021 & 1.99256264 \\9 & 1.68947896 & 1.83845921 & 1.99900463 & 2.17189328 \\10 & 1.79084770 & 1.96715136 & 2.15892500 & 2.36736367 \\\\11 & 1.89829856 & 2.10485195 & 2.33163900 & 2.58042641 \\12 & 2.01219647 & 2.25219159 & 2.51817012 & 2.81266478 \\13 & 2.13292826 & 2.40984500 & 2.71962373 & 3.06580461 \\14 & 2.26090396 & 2.57853415 & 2.93719362 & 3.34172703 \\15 & 2.39655819 & 2.75903154 & 3.17216911 & 3.64248246 \\\\16 & 2.54035168 & 2.95216375 & 3.42594264 & 3.97030588 \\17 & 2.69277279 & 3.15881521 & 3.70001805 & 4.32763341 \\18 & 2.85433915 & 3.37993228 & 3.99601950 & 4.71712042 \\19 & 3.02559950 & 3.61652754 & 4.31570106 & 5.14166125 \\20 & 3.20713547 & 3.86968446 & 4.66095714 & 5.60441077\end{array}\begin{array}{ccc}\hline 10 \% & 11 \% & 12 \% \\\hline 1.10000000 & 1.11000000 & 1.12000000 \\1.21000000 & 1.23210000 & 1.25440000 \\1.33100000 & 1.36763100 & 1.40492800 \\1.46410000 & 1.51807041 & 1.57351936 \\1.61051000 & 1.68505816 & 1.76234168 \\\\1.77156100 & 1.87041455 & 1.97382269 \\1.94871710 & 2.07616015 & 2.21068141 \\2.14358881 & 2.30453777 & 2.47596318 \\2.35794769 & 2.55803692 & 2.77307876 \\2.59374246 & 2.83942099 & 3.10584821 \\\\2.85311671 & 3.15175729 & 3.47854999 \\3.13842838 & 3.49845060 & 3.89597599 \\3.45227121 & 3.88328016 & 4.36349311 \\3.79749834 & 4.31044098 & 4.88711229 \\4.17724817 & 4.78458949 & 5.47356576 \\\\4.59497299 & 5.31089433 & 6.13039365 \\5.05447028 & 5.89509271 & 6.86604089 \\5.55991731 & 6.54355291 & 7.68996580 \\6.11590904 & 7.26334373 & 8.61276169 \\6.72749995 & 8.06231154 & 9.64629309\end{array}\end{array}$

A) $22,517.40
B) $20,876.84
C) $16,935.62
D) $12,776.98