SOA Exam FM Sample Question 215
Study guide: Exam FM-2
Kevin makes a deposit at the end of each year for 10 years into a fund earning interest at a 4% annual effective rate. The first deposit is equal to X, with each subsequent deposit 9.2% greater than the previous year's deposit. The accumulated value of the fund immediately after the 10th deposit is 5000.
Calculate X.
- A) 255
- B) 260
- C) 270
- D) 279
- E) 293
Answer this question and see the worked solution