Determine the Future Value in Year 8 of $3,000 Annual

question 52

Multiple Choice

Determine the future value in year 8 of $3,000 annual payments received in years 2, 4 and 6 given an interest rate of 7% compounded annually.

• A) $11,075.16
• B) $11,869.28
• C) $12,428.39
• D) $12,990.80
• E) $13,167.25

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Definitions:

Population Mean

The average value of all the data points in a population, representing the central tendency of the dataset.

Stratified Sampling

A sampling method that divides the population into smaller groups, or strata, based on shared attributes or characteristics before sampling to ensure a more representative sample.

Sampling Method

A technique used in statistics to select a subset of individuals from a population to estimate characteristics of the whole population.

Consumer Products

Goods sold directly to the consumer for personal, family, or household use, as opposed to products intended for industrial or commercial use.