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Thirteen Years Ago, You Deposited $2,400 into an Account

Question 27

Multiple Choice

Thirteen years ago, you deposited $2,400 into an account. Eight years ago, you added an additional $1,000 to this account. You earned 8 percent, compounded annually, for the first 5 years and 5.5 percent, compounded annually, for the last 8 years. How much money do you have in your account today?


A) $4,666.67
B) $4,717.29
C) $5,411.90
D) $6,708.15
E) $6,946.59

Correct Answer:

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