At an Annual Interest Rate of 8% Compounded Annually, $5,300

question 15

True/False

At an annual interest rate of 8% compounded annually, $5,300 will accumulate to a total of $7,210.65 in 5 years.
Calculation: $7,210.65/$5,300 = 1.3605. This is the future value of 1 factor for 4 periods, 8%.

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