Answered: Calculate the future worth of 20 annual…

Calculate the future worth of 20 annual $4,000 deposits in a savings account that earns 8% compounded monthly. Assume all deposits are made at the beginning of each year. A. $189,226

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 2E: Future Value Hugh Colson deposited 20,000 in a special savings account that provides for interest at...

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Question

Calculate the future worth of 20 annual $4,000 deposits in a savings account that earns 8% compounded monthly. Assume all deposits are made at the beginning of each year.

A. $189,226
B. $190,338
C. $188,197
D. $192,652

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