Using the Table in Handbook, the Value of $60 Deposited

question 43

Multiple Choice

Using the table in handbook, the value of $60 deposited in a bank for six years at a rate of 10% compounded annually is:

• A)$96.63
• B)$96.36
• C)$106.30
• D)$106.03
• E)None of these

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Definitions:

Enforceable

Capable of being imposed or carried out by legal process or authority.

Single Promise

A commitment or agreement involving one clear and unambiguous obligation or stipulation.

Promissory Estoppel

Promissory Estoppel is a legal principle that prevents a person from going back on a promise, even if it wasn't formally made as a contract, provided others have relied on the promise to their detriment.

Property Manager

An individual or company responsible for the maintenance and operation of real estate properties, acting on behalf of the property owner.