Which comes closest to the future value of $875 to be received at the end of 7 years, if the amount earns an annual interest rate of 4% and is compounded 4 times per year? O $1156.13 O $664.93 O $662.23 O $910.00 O $1151.44

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 3CE
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Which comes closest to the future value of $875 to be received at the end of 7 years, if the amount earns an annual interest rate of 4% and is compounded 4 times per year?
O $1156.13
O $664.93
O $662.23
O $910.00
O $1151.44
SUBMIT ANSWER
Transcribed Image Text:Which comes closest to the future value of $875 to be received at the end of 7 years, if the amount earns an annual interest rate of 4% and is compounded 4 times per year? O $1156.13 O $664.93 O $662.23 O $910.00 O $1151.44 SUBMIT ANSWER
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