Gail Kelley Deposits $300 in an Account at the Beginning

question 126

Multiple Choice

Gail Kelley deposits $300 in an account at the beginning of each 3-month period for 12 years. If the account pays interest at the annual rate of 8%, compounded quarterly, how much will she have in her account after 12 years? Round your answer to the nearest cent.

• A)$15,910.28
• B)$65,443.18
• C)$24,282.18
• D)$34,899.77
• E)$48,365.45

---

Definitions:

Economic Conditions

The state of the economy at a given time, encompassing various factors including employment levels, inflation rate, and GDP growth.

Inflation

The quickness with which the average market prices for goods and services grow, reducing the realm of purchasing.

Unemployment

A situation in which individuals who are able and willing to work cannot find jobs.

Living Standards

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a geographic area.