Seven Years Ago David Deposited $10,000 into an Account Earning

question 275

Multiple Choice

Seven years ago David deposited $10,000 into an account earning 5.25% compounded monthly. Recently, David was quoted by a home improvement firm a price of $15,000 to renovate his roof. Does David have enough cash on hand to pay for the roof?

• A) Yes. David now has exactly $15,000 in his account.
• B) No. David has only $14,430 in his account.
• C) Yes. David now has $17,818 in his account.
• D) No. David has $12,818 in his account
• E) No. David has only $11,508 in his account

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Definitions:

Work-Centre Master File

A work-centre master file is a comprehensive database containing details about production centers in a manufacturing environment, including capabilities, capacities, and scheduling information.

Wage and Hour Law

Legislation that sets the standards for minimum wage, overtime pay, and other administrative requirements affecting employees in their place of work.

Labour Scheduling

The process of assigning work hours to employees in a way that meets both the operational needs of the business and the preferences or constraints of its workers.

Union Contracts

Legally binding agreements between labor unions and employers that outline the terms of employment, wages, benefits, and conditions of work.