$23,000 Invested Today in an Account with 5% Interest Compounding

question 67

Multiple Choice

$23,000 invested today in an account with 5% interest compounding yearly will grow to what amount in 6 years?
$\begin{array}{|c|c|c|c|c|c|c|}\hline\text { Future } \\\text { Value of } \\\$ 1\\\hline&4\%&5\%&6\%&7\%&8\%&9\%\\\hline 1& 1.040 & 1.050 & 1.060 & 1.070 & 1.080 & 1.090 \\\hline 2& 1.082 & 1.103 & 1.124 & 1.145 & 1.166 & 1 .188 \\\hline 3 & 1.125 & 1.158 & 1.191 & 1.225 & 1.260 &1.295 \\\hline 4 & 1.170 & 1.216 & 1.261 & 1.311 & 1.360 &1.412 \\\hline 5 & 1.217 & 1.276 & 1.338 & 1.403 & 1.469 & 1.539\\\hline 6 & 1.265 & 1.340 & 1.410 & 1.501 & 1.587 &1.677 \\\hline 7 & 1.316 & 1.407 & 1.504 & 1.606 & 1.714 &1.828 \\\hline 8 & 1.369 & 1.477 & 1.594 & 1.718 & 1.851 &1.993 \\\hline 9 & 1.423 & 1.551 & 1.689 & 1.838 & 1.999 & 2.172 \\\hline 10& 1.480 & 1.629 & 1.791 &1.967 & 2.159 &2.367 \\\hline\end{array}$

• A) $29,800
• B) $22,490
• C) $30,820
• D) $32,637

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