Use the Future Value Formula to Find the Indicated Value

question 98

Multiple Choice

Use the future value formula to find the indicated value. Round to three decimal places.
-n = 13; i = 0.04; PMT = $1000; FV = ?

• A) $16,627.838
• B) $18,292.371
• C) $15,026.247
• D) $41,627.144

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Definitions:

Dollars

A unit of currency used in the United States and other countries, symbolized by the $ sign and used as a standard monetary unit.

Current Account

A financial statement within the balance of payments summarizing the flow of goods, services, income, and transfer payments into and out of a country.