If $15,000 Is Invested Annually in an Account with 9

question 89

Multiple Choice

If $15,000 is invested annually in an account with 9% interest compounding yearly, what will the balance of the account be after five years? Refer to the following Future Value table: Future value of annuity of $1:
$$\begin{array} { | l | l | l | l | } \hline & { 7 \% } &{ 8 \% } &{ 9 \% } \\\hline 1 & 0.935 & 0.926 & 0.917 \\\hline 2 & 1.808 & 1.783 & 1.759 \\\hline 3 & 2.624 & 2.577 & 2.531 \\\hline 4 & 3.387 & 3.312 & 3.24 \\\hline 5 & 4.1 & 3.993 & 3.89 \\\hline 6 & 4.767 & 4.623 & 4.486 \\\hline 7 & 5.389 & 5.206 & 5.033 \\\hline\end{array}$$

• A) $26,180
• B) $26,211
• C) $58,350
• D) $25,125

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Randall Collins

A sociological theorist known for his contributions to the study of interaction ritual chains, violence, and the sociology of intellectual life.

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