Suppose That Ian Greitzer Deposits His $13,000 Bonus in an Account

question 72

Multiple Choice

Suppose that Ian Greitzer deposits his $13,000 bonus in an account that earns an annual rate of 8.5%, compounded quarterly, and makes additional deposits of $400 at the end of each quarter for the next 21.5 years, until he retires. How much was deposited? Round your answer to the nearest cent. ​

• A)$458,674.18
• B)$22,243.99
• C)$175,312.58
• D)$85,960,962.98
• E)$19,932.99

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Definitions:

Marginal Cost

The extra charge resulting from the production of one more unit of a product or service.

Sushi Restaurant

A dining establishment that specializes in the preparation and serving of sushi, a traditional Japanese dish featuring vinegared rice combined with various ingredients, including seafood and vegetables.

Opportunity Cost

The cost of the next best alternative that must be foregone as a result of making a particular decision.

Limited Resources

A term that describes the finite availability of resources such as time, money, and raw materials, which are necessary for the production of goods and services.