If the current rate of interest is 8% APR,then the future value of an investment that pays $500 every two years and lasts 20 years is closest to:
A) $10,979
B) $10,661
C) $22,881
D) $20,000

Name: If the current rate of interest is 8% APR,then the future value of an investment that pays $500 every two years and lasts 20 years is closest to: A) $10,979 B) $10,661 C) $22,881 D) $20,000
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Quizplus · Accepted Answer

C) FV = C/r ((1 + r)^N-1) = 500/.1664 ((1 + 0.1664)¹⁰-1) FV = 10,978.91

If the Current Rate of Interest Is 8% APR,then the Future