Solve the Problem. Round to the Nearest Cent

question 88

Multiple Choice

Solve the problem. Round to the nearest cent.
-Bob deposits $5000 at the end of each year in an ordinary annuity paying 3% interest compounded Annually. Find the amount he will have on deposit after 12 years.

• A) $64,038.98
• B) $70,960.15
• C) $78,088.95
• D) $65,960.15

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Definitions:

Illusory

This refers to something that appears to be real or possible but actually lacks substance, reality, or is deceptive in nature.

Enforceable

Refers to a legal agreement or contract that can be legally compelled to be performed or executed as per the terms agreed upon by the parties involved.

Forbearance

A creditor's agreement to postpone, delay, or withhold legal action despite the debtor's failure to meet the terms of the contract.

Statute Of Limitations

A federal or state statute setting the maximum time period during which a certain action can be brought or certain rights enforced.