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What will the balance be on December

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Reference no: EM132592333

Question - Use the following 7% interest factors.

 

Present Value of Ordinary Annuity

Future Value of Ordinary Annuity

7 periods

5.3893

8.65402

8 periods

5.9713

10.25980

9 periods

6.5152

11.97799

If $20000 is deposited annually starting on January 1, 2017 and it earns 7%, what will the balance be on December 31, 2024?

a) $219560

b) $173081

c) $185196

d) $205196

Reference no: EM132592333

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