Use the Following 8% Interest Factors for Questions -If $5,000 Is Deposited Annually Starting on January 1, 2007

question 63

Multiple Choice

Use the following 8% interest factors for questions . $\begin{array}{lll}&\text { Present Value of}&\text {Future Value of }\\&\text {Ordinary Annuity }&\text {Ordinary Annuity }\\\hline 7 \text { periods } & 5.2064 & 8.92280 \\8 \text { periods } & 5.7466 & 10.63663 \\9 \text { periods } & 6.2469 & 12.48756\end{array}$
-If $5,000 is deposited annually starting on January 1, 2007 and it earns 8%, what will the balance be on December 31, 2014?

• A)$44,614
• B)$48,183
• C)$53,183
• D)$57,438

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