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Suppose a Deposit of $500 Is Made at the Beginning

Question 19

Multiple Choice

Suppose a deposit of $500 is made at the beginning of each year for 15 years into an account that pays 9% compounded annually. What is the amount of this annuity at the end of the 15th year?


A) $16,501.70
B) $18,486.85
C) $13,009.59
D) $16,001.70

Correct Answer:

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