5 Find the Value of an Annuity

question 118

Multiple Choice

5 Find the Value of an Annuity
Solve the problem. Round to the nearest dollar if needed.
-Laura invests $225 each quarter in a fixed-interest mutual fund paying annual interest of 5.5% compounded quarterly. How much will her account have in it at the end of 10 years?

• A)$11,893
• B)$2897
• C)$35,735
• D)$12,022

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Definitions:

Eliot Aronson

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