If a Lump-Sum Deposit of $8,000 Is Left in a Bank

question 63

Multiple Choice

If a lump-sum deposit of $8,000 is left in a bank for 12 years at 9%, compounded annually, what will the ending balance be? (Round the answer to the nearest dollar.)

• A) $11,600
• B) $16,640
• C) $22,501
• D) $52,938
• E) $96,000

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