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Homework answers / question archive / Use the following 9% interest factors

Use the following 9% interest factors.

Present Value of

Ordinary Annuity

Future Value of

Ordinary Annuity

7 periods

5.0330

9.20043

8 periods

5.5348

11.02847

9 periods

5.9952

13.02104

If $18500 is deposited annually starting on January 1, 2020 and it earns 9%, what will the balance be on December 31, 2027?

$222389

$170209

$185527

$204027

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