Question 201909
answer is B (14,971.64)
formula is future worth of an annuity as shown below.
{{{FV (Annuity) = (((1+r)^n - 1)*pmt)/r}}}
FV (Annuity) means future value of the annuity.
r = interest rate per period
n = number of periods
pmt = payment per period
the assumption here is that the period is in years.
payment is made at the end of each year.
interest rate is compounded yearly.
note:
interest rate is the % interest divided by 100%.
example:
if % interest = 15%
then interest rate = .15