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stranahan stranahan
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Posts: 3324
5 years ago
Your department at work places $10,000 every year-end into an account earning 5%. The money is used when the corporate office fails to fully finance your profitable projects. The money has not been touched since a deposit was made exactly five years ago. If the most recent deposit was made today, how much money is currently in the account?
A) $60,000
B) $65,256.31
C) $68,019.13
D) $55,256.31
Textbook 

Financial Management: Core Concepts


Edition: 2nd
Author:
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SpoiledBeefSpoiledBeef
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Posts: 242
5 years ago
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More questions for this book are available here
C -- FV = PMT × ((1 + r)n - 1/r) = $10,000 × ((1.05)6 - 1/.05) = $68,019.13

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