Mr. Berkey deposits $10,000 in a money market account at his local bank. He receives annual interest of 8% for 7 years. How much interest will he earn on his investment during this time period?
A) $17,140
B) $7,140
C) $17,180
D) $7,180
Answer: B
Explanation: B) FVIF = 1.714 × $10,000 = $17,140 - $10,000 = $7,140
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