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If $14,000 Is Invested Annually in an Account with 9

Question 8

Multiple Choice

If $14,000 is invested annually in an account with 9% interest compounding yearly,what will the balance of the account be after five years? Refer to the following Future Value table:
Future value of annuity of $1:
7%8%9%11.0001.0001.00022.0702.0802.09033.2153.2463.27844.4404.5064.57355.7515.8675.98567.1537.3367.52378.6548.9239.200\begin{array} { | l | r | r | r | } \hline & { 7 \% } & 8 \% & 9 \% \\\hline 1 & 1.000 & 1.000 & 1.000 \\\hline 2 & 2.070 & 2.080 & 2.090 \\\hline 3 & 3.215 & 3.246 & 3.278 \\\hline 4 & 4.440 & 4.506 & 4.573 \\\hline 5 & 5.751 & 5.867 & 5.985 \\\hline 6 & 7.153 & 7.336 & 7.523 \\\hline 7 & 8.654 & 8.923 & 9.200 \\\hline\end{array}


A) $83,790
B) $24,464
C) $24,435
D) $23,450

Correct Answer:

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