Your employer gives you a stock bonus of $1,000 in your company at the beginning of each year

You plan to retire in 20 years. The stock has a growth rate of 15 percent per annum.

What will
the value of your stock be in 20 years? This problem would be solved by using the formula for
the
A) future value of a lump sum.
B) future value of an ordinary annuity.
C) present value of a lump sum.
D) present value of an ordinary annuity.
E) future value of an annuity due.

E