How much will $1,000 invested at the end of each year grow to in 20 years,assuming an interest rate of 10% compounded annually?
A)$6,728.
B)$8,514.
C)$83,159.
D)$57,275.

Question

Quizplus · Accepted Answer

The future value of an annuity formula is used to calculate the total amount: FV = P * [(1 + r)^n - 1] / r. Here, P = $1,000, r = 0.10, and n = 20. Plugging in these values gives FV = $1,000 * [(1 + 0.10)^20 - 1] / 0.10 = $57,275.

How Much Will $1,000 Invested at the End of Each