Shekhar invests $1,820 in a mutual fund at the end of each of the next six years. If his opportunity cost rate is 8 percent compounded annually, how much will his investment be worth after the last annuity payment is made? Use the equation method to calculate the worth of the investment. (Round your answer to two decimal places.)
A) $11,125.76
B) $11,857.58
C) $12,580.20
D) $13,422.50
E) $14,871.32

Question

Quizplus · Accepted Answer

The Answer of Shekhar invests $1,820 in a mutual fund at the end of each of the next six years. If his opportunity cost rate is 8 percent compounded annually, how much will his investment be worth after the last annuity payment is made? Use the equation method to calculate the worth of the investment. (Round your answer to two decimal places.)
A) $11,125.76
B) $11,857.58
C) $12,580.20
D) $13,422.50
E) $14,871.32

Shekhar Invests $1,820 in a Mutual Fund at the End