Tom Is Saving for an Engagement Ring

question 59

Multiple Choice

Tom is saving for an engagement ring. If he deposits $500 payments into an account (one at the end of each year) that earns 6% interest compounded annually, how much will he have saved by the end of the 10^th year?

• A)$895.42
• B)$13,435.18
• C)$6,590.39
• D)$6,554.39

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Definitions:

Corporate Social Responsibility

Practices by companies that involve initiatives that benefit society and go beyond what may be required by regulators or environmental protection groups.

Voluntary Actions

Behaviors or actions undertaken by an individual or organization by choice, without being compelled or obligated by law.

Triple Bottom Line

A business concept that encourages companies to focus not just on profit but also on the social and environmental impact of their activities, often summarized as people, planet, and profit.

Corporate Social Responsibility

A corporate strategy that incorporates social and environmental considerations into business operations and stakeholder engagements.