If You Had $1,000 in a Savings Account That Paid

question 6

Multiple Choice

If you had $1,000 in a savings account that paid 4% interest compounded annually, how much would you have in your account after three years?

• A)$1,012
• B)$1,120
• C)$1,125
• D)$1,250
• E)$1,400

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Definitions:

Rescission

The legal act of voiding a contract and returning the parties involved to their states prior to the contract, as if the contract had never existed.

Scienter

Knowledge of wrongdoing or fraudulent intent, especially as a component to proving certain types of fraud.

False Statement

An untrue assertion presented as a fact, intentionally or unintentionally, which could mislead or deceive others.

Promissory Statements

Brief declarations or assertions made with the intention of influencing the expectations or actions of others, often found in contracts or agreements.