Use the Ordinary Annuity Formula to Determine the Accumulated Amount

question 184

Multiple Choice

Use the ordinary annuity formula to determine the accumulated amount in the annuity. Round the answer to the nearest cent.
-$5000 is invested annually for 9 years at 4.6% compounded annually

• A) $54,232.95
• B) $53,732.95
• C) $53,232.95
• D) $55,232.95

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Definitions:

Tax Returns

Official documents filed with a government body, detailing income earned and taxes owed for the year.

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Professionals who provide accounting services to the public, including auditing, taxation, and consulting.

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The systematic recording, organizing, and maintaining of financial transactions of a business, which is a subset of the accounting process.