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:

Fully Performed

Refers to a scenario where all terms and obligations of a contract have been met by all parties involved.

Executory

Describing a contract that has not yet been fully performed or completed by all involved parties.

Certified Public Accountant

A professional designation given to accountants who pass a standardized CPA exam and meet government-defined education and experience requirements.

Audit

A systematic examination or inspection of financial records, documents, or an entity's performance to ascertain accuracy and compliance.