If You Were to Put $1,000 in the Bank at 6

question 3

Multiple Choice

If you were to put $1,000 in the bank at 6% interest each year for the next 10 years,which table would you use to find the ending balance in your account?

• A) Present value of $1
• B) Future value of $1
• C) Present value of an annuity of $1
• D) Compound sum of an annuity of $1

---

Definitions:

Mental Age

An assessment of an individual's mental aptitude based on the average age at which people achieve a particular score.

William Stern

A German psychologist who is best known for developing the concept of the intelligence quotient (IQ) and for his significant contributions to differential psychology.

Intelligence Quotient

A measure of a person's reasoning ability compared to the statistical norm or average for their age, calculated using standardized tests.

Chronological Age

The exact age of an individual measured in years from the date of birth to the current date, usually used as a measure in developmental studies.