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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
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