Find the Amount Accumulated in an Increasing Annuity in Which

question 71

Multiple Choice

Find the amount accumulated in an increasing annuity in which $100 is deposited monthly for 20 years at 5% per year in an account containing $10,000 at the start. (Assume end-of-period deposits and compounding at the same intervals as deposits.) Round your answer to the nearest cent. ​

• A)$68,229.77
• B) $41,103.37
• C) $51,172.33
• D) $40,937.86
• E) $27,537.44

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