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:

Continuing Operations

The segments or activities of a business that are expected to continue for the foreseeable future, excluding discontinued operations.

Asset Retirement Obligations

Legal obligations associated with the retirement of a tangible, long-lived asset that result from its acquisition, construction, development, or normal operations.

Financial Statements

Written records that convey the business activities and the financial performance of a company, typically including the income statement, balance sheet, and statement of cash flows.

Useful Lives

The estimated duration a tangible asset is expected to be usable for its intended purpose, influencing depreciation calculations.