Use the following 10% interest factors to answer this question:
Present Value of
Ordinary Annuity
Future Value of
Ordinary Annuity
7 periods
4.8684
9.48717
8 periods
5.3349
11.43589
9 periods
5.7590
13.57948
If $13000 is deposited annually starting on January 1, 2020 and it earns 10%, what will the balance be on December 31, 2027?
$163533
$123334
$148667
$135667