Assuming an Interest Rate of 5%, If You Invest a Lump

question 82

Multiple Choice

Assuming an interest rate of 5%, if you invest a lump sum of $6000 now, the balance of your investment in 7 years will be closest to: Future Value of $1
Future Value of Annuity of $1

• A)$42,000.
• B)$9774.
• C)$34,716.
• D)$8442.

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Definitions:

Raffle

A means of raising money by selling numbered tickets, one or more of which are subsequently drawn at random, the holder or holders of such tickets winning a prize.

Probability

A value ranging from 0 to 1 that denotes the probability of an event's occurrence.

Winning

Achieving victory or success in a contest, conflict, or endeavor.

Monthly Rates

The amount or percentage per month used for calculating changes in financial or other measurements.