Assume that you invest $1250 at the end of each of the next 15 years in a mutual fund.You currently have $10,000 in the mutual fund.The annual rate of interest that you expect to earn in this account is 4.35%.The amount in the account at the end of 15 years is
A) $58,940.30
B) $28,750.00
C) $37,009.35
D) $44,630.81
E) $25,690.50

Question

Quizplus · Accepted Answer

$$F V = 1250 \left( \frac { ( 1 + .0435 ) ^ { 15 } - 1 } { .0435 } \right) + 10,000 ( 1 + .0435 ) ^ { 15 } = \$ 44,630.81$$

Assume That You Invest $1250 at the End of Each