At an Annual Interest Rate of 7%,the Future Value of $5000

question 50

Multiple Choice

At an annual interest rate of 7%,the future value of $5000 in five years is closest to:

• A)$3565.
• B)$6750.
• C)$7015.
• D)$7035.

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Definitions:

Debit Totals

The sum of all debit entries made in a company's accounting records during a specific period.

Credit Totals

The aggregate amount of credit entries recorded in a financial system or ledger.

Trial Balance

A spreadsheet where the totals of all ledger balances are gathered into equal totals in debit and credit columns for accounts.

Debit Column

A column in financial accounting used to record entries that decrease liabilities and increase assets or expenses.