A Varying Annuity Has 15 Annual Payments

question 36

Multiple Choice

A varying annuity has 15 annual payments.The first payment is $2000,and each succeeding payment increases by 5%.What is the accumulated value of these payments immediately after the 15^th deposit if j₁ = 8%? (Answer to nearest dollar)

• A)$24,814
• B)$72,883
• C)$78,713
• D)$51,586

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Definitions:

Microorganisms

Microscopic entities, including bacteria and viruses, that may cause infectious diseases but also play essential roles in ecosystems.

Ictotest

A diagnostic test used specifically for detecting the presence of bilirubin in urine, which can indicate liver damage or disease.

Bilirubin

A yellow breakdown product of normal heme catabolism. Its levels are elevated in certain diseases, and it is responsible for the yellow color of bruises and the brown color of feces.

Ammonia

A colorless gas with a distinct sharp smell, commonly used in cleaning products and as a fertilizer, and also produced naturally in the human body.