A single deposit of $25,000 was made by your grandparents on the day you were born 25 years ago. The balance in the account today if it grew at 10% per year is closest to:
(a) $201,667 (b) $241,224
(c) $270,870 (d) $296,454
F = 25,000(F/P,10%,25)
= 25,000(10.8347)
= $270,868
Answer is (c)
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