What Is the Future Value of $5,700 Invested for 18

question 12

Multiple Choice

What is the future value of $5,700 invested for 18 years at 9 percent compounded annually?

• A)$26,397.74
• B)$26,887.59
• C)$28,511.15
• D)$27,513.06
• E)$27,520.22

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Definitions:

Payroll Tax Expense

Taxes that are levied on an employer based on the wages and salaries paid to employees.

FICA-OASDI

Refers to the Social Security portion of the Federal Insurance Contributions Act tax, funding Social Security retirement, disability, and survivor benefits.

FICA-OASDI

The Federal Insurance Contributions Act tax for Old-Age, Survivors, and Disability Insurance, which funds Social Security.

FUTA

The Federal Unemployment Tax Act, which imposes a payroll tax on businesses, used to fund state workforce agencies.