Lidia Deposits $900 at the END of Each Year for 9

question 16

Multiple Choice

Lidia deposits $900 at the END of each year for 9 years in a savings account. The account pays 8% interest, compounded annually. Lidia calculates that the future value of the ordinary annuity is $11,238.80. What would be the future value if deposits are made at the BEGINNING of each period rather than the END?

• A) $11,238.80
• B) $12,137.90
• C) $12,960.00
• D) $13,037.91

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