If $10,000 is deposited in a saving account at the end of each year and the acco

Question

If $10,000 is deposited in a saving account at the end of each year and the account pays interest of 5% compounded annually, what will be the balance of the account at the end of 10 years? Question 55 options: $16,288.92 $125,788.92 $150,000.00 $105,000.00 If $10,000 is deposited in a saving account at the end of each year and the account pays interest of 5% compounded annually, what will be the balance of the account at the end of 10 years? If $10,000 is deposited in a saving account at the end of each year and the account pays interest of 5% compounded annually, what will be the balance of the account at the end of 10 years? $16,288.92 $125,788.92 $150,000.00 $105,000.00 $16,288.92 $125,788.92 $150,000.00 $105,000.00 $16,288.92 $125,788.92 $150,000.00 $105,000.00

Explanation / Answer

the balance of the account at the end of 10 years = 10000*FVIFA(5%,10) = 10000*12.578892 =125788.92

Answer: $125,788.92

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.