SCI Company Deposits $15,000 in a Fund at the End

question 217

Multiple Choice

SCI Company deposits $15,000 in a fund at the end of each year for 7 years. The fund pays interest of 3% compounded annually. The balance in the fund at the end of 7 years is computed by multiplying

• A) $15,000 by the future value of 1 factor.
• B) $75,000 by 1.07.
• C) $75,000 by 1.70.
• D) $15,000 by the future value of an annuity factor.

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