What Is the Future Value of $20 Invested for 80

question 40

Multiple Choice

What is the future value of $20 invested for 80 years at an annually compounded interest rate of 7% p.a.?

• A)$11,200.00
• B)$448.68
• C)$4,495.66
• D)$4,484.68

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Definitions:

Asset Account

An account on a company's balance sheet that represents a resource with economic value that an entity owns or controls.

Journal

An official financial record in which transactions are recorded in chronological order before they are transferred to accounts in the general ledger.

Ledger Accounts

Records that reflect the financial transactions of a company, organized within a book or a computerized accounting system.