Present and future value tables of $1 at 3% are presented below:

-Sondra deposits $2,000 in an IRA account on April 15, 2018. Assume the account will earn 3% annually. If she repeats this for the next nine years, how much will she have on deposit on April 14, 2028?
A) $20,600.
B) $20,928.
C) $23,616.
D) $24,715.

Question

Present and future value tables of $1 at 3% are presented below:

-Sondra deposits $2,000 in an IRA account on April 15, 2018. Assume the account will earn 3% annually. If she repeats this for the next nine years, how much will she have on deposit on April 14, 2028?
A) $20,600. 
B) $20,928. 
C) $23,616. 
D) $24,715.

Quizplus · Accepted Answer

FVAD = $2,000 × 11.8078* = $23,616
*FVAD of $1: n = 10; i = 3%

Present and Future Value Tables of $1 at 3% Are