If $13,000 is deposited in a savings account at the end of each year and the account pays interest of 5% compound annually, what will be the balance of the account at the end of 10 years?
A) $13,650
B) $211,757
C) $163,512
D) $136,500

Question

Quizplus · Accepted Answer

The future value of an annuity formula is used: FV = P * [(1 + r)^n - 1] / r, where P = $13,000, r = 0.05, n = 10. Calculating gives FV = $163,512.

If $13,000 Is Deposited in a Savings Account at the End