If You Invest $1,000 at the End of Every Year

question 95

Multiple Choice

If you invest $1,000 at the end of every year for five years at an interest rate of 10%, the balance of your investment in 5 years will be closest to

• A) $1,611.
• B) $3,791.
• C) $5,000.
• D) $6,105.

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Definitions:

Accounts Payable

The amount of money owed by a company to its creditors or suppliers for goods and services received but not yet paid for.

Invoice Description

A detailed statement showing goods sold or services provided, their prices, and the total amount to be paid.

System Recording

The process of capturing and documenting operations or events within a system for review or analysis purposes.

Financial Transactions

Deals with the process of exchanging assets such as money between two or more parties.