If you invest $10,000 today in a savings account that earns 5% interest,compounded annually,how much would be in the account at the end of ten years? (Future Value of $1,Present Value of $1,Future Value Annuity of $1,Present Value Annuity of $1. )(Use appropriate factor from the PV tables.Round your final answer to nearest dollar amount. )

Question

Quizplus · Accepted Answer

Using the Future Value of $1 table, we can find the factor for 10 years at 5% interest to be 1.62889. Multiplying this factor by the initial investment of $10,000 gives us $16,288.90, which rounds to $16,289. Therefore, the best choice is B).

If You Invest $10,000 Today in a Savings Account That