Question - Present and future value tables of 1 at 9% are presented below.
|
PV of $1
|
FV of $1
|
PVA of $1
|
FVAD of $1
|
FVA of
$1
|
|
1
|
0.91743
|
1.09000
|
0.91743
|
1.0900
|
1.0000
|
|
2
|
0.84168
|
1.18810
|
1.75911
|
2.2781
|
2.0900
|
|
3
|
0.77218
|
1.29503
|
2.53129
|
3.5731
|
3.2781
|
|
4
|
0.70843
|
1.41158
|
3.23972
|
4.9847
|
4.5731
|
|
5
|
0.64993
|
1.53862
|
3.88965
|
6.5233
|
5.9847
|
|
6
|
0.59627
|
1.67710
|
4.48592
|
8.2004
|
7.5233
|
Ajax Company purchased a three-year certificate of deposit for its building fund in the amount of $280,000. How much should the certificate of deposit be worth at the end of three years if interest is compounded at an annual rate of 9%?
$708,763.
$707,504.
$361,349.
$362,608.