If you were to put $1,000 in the bank at 6% interest each year for the next 10 years, how much would you have as an ending balance in your account?
A) $6,975
B) $15,937
C) $7,716
D) $13,181

Name: If you were to put $1,000 in the bank at 6% interest each year for the next 10 years, how much would you have as an ending balance in your account? A) $6,975 B) $15,937 C) $7,716 D) $13,181
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Question

Quizplus · Accepted Answer

FV_A = A × FV_IFA (App. C: 6%, 10 periods) = $1,000 × (13.181) = $13,181

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