Kevin Nathan Will Deposit $1, 000 into a Special Account

question 43

Multiple Choice

Kevin Nathan will deposit $1, 000 into a special account each year beginning December 31, 2010, with the last deposit being made on December 31, 2014.Kevin wants to know how much will be in his account on December 31, 2014, immediately after the final deposit, if the account earns 12% compounded annually.To solve the problem, Kevin must find the

• A)future value of a single sum
• B)future value of a deferred annuity
• C)future value of an ordinary annuity
• D)future value of an annuity due

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Definitions:

Vitreous Humor

A clear, gel-like substance that fills the space between the lens and the retina of the eye, helping it maintain its round shape.

Sebum

An oily substance produced by the sebaceous glands to moisturize and protect the skin.

Conjunctiva

The thin, transparent tissue that covers the white part of the eye and lines the inside of the eyelids.

Esotropia

A condition characterized by the inward turning of one or both eyes.