Use the data in table 3.1 to answer the following question(s):
Table 3.1
-Refer to Table 3.1 above. How much will you have if you deposit $1,000 each year for the next 5 years in an account paying 7%?
A) $1,403
B) $713
C) $5,751
D) $4,100

Question

Use the data in table 3.1 to answer the following question(s):
  Table 3.1
-Refer to Table 3.1 above. How much will you have if you deposit $1,000 each year for the next 5 years in an account paying 7%?
A) $1,403 
B) $713 
C) $5,751 
D) $4,100

Quizplus · Accepted Answer

This is a future value of an annuity problem, where you deposit a fixed amount ($1,000) each year into an account that earns a fixed interest rate (7%) for a certain number of years (5 years). Using the future value of an annuity formula or a financial calculator, the correct answer is $5,751, which accounts for both the principal amount deposited each year and the interest earned over the 5-year period.

Use the Data in Table 3