You deposited $2,000 in a bank account paying 6% on January 1, 2004, and then you made $2,000 deposits on January 1 in 2005 and 2006. Which of the following expressions will calculate your bank balance just after the last payment was deposited?
A) FV = $2,000[1.06]-1 + $2,000[1.06]-2 + $2,000[1.06]-3
B) FV = $2,000[1.06]1 + $2,000[1.06]2 + $2,000[1.06]3
C) FV = $2,000[1.06]0 + $2,000[1.06]1 + $2,000[1.06]2
D) FV = $2,000[1.06]-0 + $2,000[1.06]-1 + $2,000[1.06]-2 + $1,000[1.06]-3
Answer: B
You might also like to view...
Which of the following statements is true of the Chinese economy?
A) The United Kingdom is China's largest trading partner. B) The Chinese economy has been converted to a communist controlled system from a free-market system. C) The Chinese economy started growing tremendously during the Mao era. D) The Chinese are the biggest global supplier of consumer goods.
A value-adding activity is one that increases the cost of a product but does not add to the product's market value
Indicate whether the statement is true or false
The 360-degree evaluation format tends to be most valuable if it is used for purposes of ______, rather than to make ______ decisions.
A. individual development; group development B. administrative evaluative decisions; management C. individual development; administrative evaluative D. company development; individual development
Copy testing is an obtrusive method of data collection
Indicate whether the statement is true or false