A Lump Sum Deposit of $8,000 Left in the Bank

question 140

Multiple Choice

A lump sum deposit of $8,000 left in the bank for 12 years at 9% compounded annually will result in an ending balance of (select the closest answer)

• A) $11,600.
• B) $16,640.
• C) $22,480.
• D) $52,938.
• E) $96,000.