When Jay Wins a Contest, He Is Able to Choose

question 155

Multiple Choice

When Jay wins a contest, he is able to choose one prize from four options. He chooses a 4-year certificate of deposit that will accumulate interest and cannot be cashed in until maturity in four years. Given the options below, which prize would provide Jay with the largest value four years from now?

• A) $1,000 with an interest rate of 4%.
• B) $850 with an interest rate of 8%.
• C) $1,100 with an interest rate of 3%.
• D) $940 with an interest rate of 6%.

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Definitions:

Western Abstract Expressionism

A post-World War II art movement in American painting, characterized by spontaneous, automatic, or subconscious creation, emphasizing freedom of expression.

Chinese Literati Painting

A style of painting associated with scholarly gentlemen in China, focusing on personal expression and themes of nature, using brushwork that emphasizes spontaneity.

Income Distribution

The way in which total income is divided among the members of a society, impacting economic inequality and living standards.

Nigeria

A country located in West Africa, known for its population diversity, natural resources, and cultural heritage.