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What will the balance be on December

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Reference no: EM132614904

Question - Use the following 9% interest factors.

Present Value of Ordinary Annuity Future Value of Ordinary Annuity

7 periods 5.0330 9.20043

8 periods 5.5348 11.02847

9 periods 5.9952 13.02104

If $18500 is deposited annually starting on January 1, 2020 and it earns 9%, what will the balance be on December 31, 2027?

a. $222389

b. $170209

c. $185527

d. $204027

Reference no: EM132614904

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