Use the Ordinary Annuity Formula to Determine the Accumulated Amount

question 84

Multiple Choice

Use the ordinary annuity formula to determine the accumulated amount in the annuity. Round the answer to the nearest cent.
-$1700 is invested semiannually for 4 years at 4.3% compounded semiannually

• A) $31,665.24
• B) $14,668.61
• C) $54,203.49
• D) $61,537.80

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Definitions:

Dividends

Sum of money distributed by a corporation to those holding its shares, originating from the firm's earnings allocated among its stockholders.

Expense

Costs incurred by a business in the process of earning revenues, typically classified as operating or non-operating expenses.

Common Stock

A type of equity security representing ownership in a corporation, entitling the owner to vote at shareholder meetings and receive dividends.

Legal Liability

The legal responsibility to pay debts or damages, which can arise from contracts, negligence, or other legal means.