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Assignment
If $10,000 is invested annually in an account with 7% interest compounded yearly, what will the balance of the account be after six years? Refer to the following Future Value table:
Future value of annuity of$1:
5%
6%
7%
8%
1
2
2.05
2.06
2.07
2.08
3
3.153
3.184
3.215
3.246
4
4.31
4.375
4.44
4.506
5
5.526
5.637
5.751
5.867
6
6.802
6.975
7.153
7.336
7
8.142
8.394
8.654
8.923
A. $71,530B. $18,020C. $79,050D. $83,290
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