Determine the Future Value of an Initial Deposit of $4,000

question 231

Multiple Choice

Determine the future value of an initial deposit of $4,000 and semi-annual contributions of $250 for the 3 years at a 6.3% rate of interest compounded monthly and then another lump sum deposit of $10,000 at the end of year 3 along with $375 quarterly deposits for 2 years at a rate of 5.4% interest compounded semi-annually.

• A) $20,321.09
• B) $20,935.64
• C) $21,449.71
• D) $22,051.87
• E) $22,684.35

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