You Have a Savings Account Valued at $1,500 Today That

question 46

Multiple Choice

You have a savings account valued at $1,500 today that earns an annual interest rate of 8.7 percent. How much more would this account be worth if you wait to spend the entire balance in 25 years rather than in 20 years?

• A) $6,306.16
• B) $4,658.77
• C) $3,311.18
• D) $6,907.17
• E) $4,117.64

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