If the current rate of interest is 5%, then the future value (FV) of an investment that pays $1,000 per year and lasts 15 years is closest to: A. $12,947 B. $25,895 C. $21,579 D. $30,211

Personal Finance
13th Edition
ISBN:9781337669214
Author:GARMAN
Publisher:GARMAN
Chapter1: Understanding Personal Finance
Section1.4: Perform Time Value Of Money Calculations
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If the current rate of interest is 5%, then the future value (FV) of an investment that pays $1,000 per year and lasts 15 years is closest to:
A. $12,947
B. $25,895
C. $21,579
D. $30,211
Transcribed Image Text:If the current rate of interest is 5%, then the future value (FV) of an investment that pays $1,000 per year and lasts 15 years is closest to: A. $12,947 B. $25,895 C. $21,579 D. $30,211
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