Your Great-Uncle Placed $500 a Year in a Bank Account

question 24

Multiple Choice

Your great-uncle placed $500 a year in a bank account for your "college fund" for each of the last 18 years.How much is now in your college account (at the end of the eighteenth year) if your account earned an annual rate of return of 6%?

• A)$15,452.83
• B)$15,175.17
• C)$16,427.17
• D)$15,413.80
• E)$15,546.18

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