If you put $10 in a savings account at the beginning of each year for 11 years, how much money will be in the account at the end of the 12th year? Assume that the account earns 11%, and round to the nearest $1.00. a. $217 b. $241 c. $68.89 d. $76.47

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....
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If you put $10 in a savings account at the beginning of each year for 11 years, how much money will be in the account at the end of the 12th year? Assume that the account earns 11%, and round to the nearest $1.00.

a. $217

b. $241

c. $68.89

d. $76.47

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