If $30000 Is Deposited in a Savings Account at the End

question 68

Multiple Choice

If $30000 is deposited in a savings account at the end of each year and the account pays interest of 5% compounded annually what will be the balance of the account at the end of 10 years?

• A) $48867
• B) $315000
• C) $377337
• D) $450000

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Definitions:

Factory Overhead Cost

Manufacturing expenses, except for direct materials and direct labor costs.

Direct Materials

Raw materials that are directly traceable to the production of a specific product.

Manufactured Product

Items that have been produced from raw materials through a process involving labor and machinery, making them ready for sale.

Managerial Accounting

The act of detecting, assessing, scrutinizing, and sharing economic information with executives to help in reaching the goals of an organization.