What's the Future Value of $3,300 After 5 Years If

question 153

Multiple Choice

What's the future value of $3,300 after 5 years if the appropriate interest rate is 6%,compounded semiannually?

• A) $4,080.13
• B) $4,434.92
• C) $3,547.94
• D) $4,701.02
• E) $3,370.54

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Definitions:

Nonprofit Cemetery

A burial ground operated by an organization that does not seek to make a profit, often eligible for certain tax exemptions.

Schedule A

The section of the tax form 1040 used by taxpayers to itemize deductions.

Itemized Deductions

Specific expenses that taxpayers can report in order to decrease their taxable income, as opposed to taking a standard deduction.

Mortgage Interest

The interest paid on a mortgage loan, which may be deductible on U.S. federal income tax, reducing taxable income.