Abe Deposited a Sum of Money at the End of Every

question 58

Multiple Choice

Abe deposited a sum of money at the end of every month for 15 years at 8.5% compounded monthly. After the last deposit, interest for the account is to be 3.5% compounded quarterly and the account is to be paid out by end-of-quarter quarterly payments of $5905.00 over 17 years. What is the size of the monthly deposit?

• A) $560 735
• B) $1550
• C) $756
• D) $1160
• E) $1466

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Definitions:

Company's Union

An organization formed within a company by its employees to negotiate with the management over labor rights and working conditions.

NLRB

The National Labor Relations Board, an independent US government agency responsible for enforcing US labor law in relation to collective bargaining and unfair labor practices.

U.S. Constitutional

Pertaining to the foundational legal document of the United States, which outlines the nation's government structure, rights of citizens, and federal law supremacy.

Separation of Powers

The division of governmental responsibilities into distinct branches to limit any one branch from exercising the core functions of another, promoting checks and balances.