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

-Sondra deposits $2,000 in an IRA account on April 15,2016.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 14,2023?
A)$20,600.
B)$20,928.
C)$23,616.
D)$24,715.

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Use the following to answer questions 
Present and future value tables of $1 at 3% are presented below:
 
-Sondra deposits $2,000 in an IRA account on April 15,2016.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 14,2023?
A)$20,600. 
B)$20,928. 
C)$23,616. 
D)$24,715.

Quizplus · Accepted Answer

Sondra makes 8 more deposits after the initial one, each earning interest for fewer years. The future value of each deposit is calculated using the formula for compound interest: FV = P(1 + r)^n. Summing these values gives the total amount.

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