Joe Sullivan Invests $9,000 at the End of Each Year

question 34

Multiple Choice

Joe Sullivan invests $9,000 at the end of each year for 20 years. The rate of interest Joe earns is 8% annually. The final value of Joe's investment at the end of the 20th year on this ordinary annuity is (use the tables in the handbook) :

• A)$411,588.00
• B)$88,362.90
• C)$411,858.00
• D)$88,632.90
• E)None of these