Given an 8 Percent Interest Rate, Compute the Year 7

question 34

Multiple Choice

Given an 8 percent interest rate, compute the year 7 future value if deposits of $1,500 and $2,500 are made in years 2 and 3, respectively, and a withdrawal of $2,000 is made in year 5.

• A) $1,909.42
• B) $3,272.41
• C) $3,433.60
• D) $5,656.34

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Definitions:

Class

A rank or category in biological taxonomy, falling between phylum and order, used to classify organisms with shared characteristics.

Phyla

The plural of phylum, a rank in the biological classification system that is below kingdom and above class, used to group organisms based on their basic body plan.

Amniotic Egg

Egg that contains an amnion and other membranes that surround and protect the developing embryo and keep it moist; the evolution of the amniotic egg was one of the adaptations that allowed animals to become completely terrestrial.

Vertebrates

Animals that possess a backbone or spinal column, including fish, amphibians, reptiles, birds, and mammals.