Calculate the Amount of Money That Must Be Deposited at the End

question 28

Multiple Choice

Calculate the amount of money that must be deposited at the end of every month into an account paying 12% compounded annually to accumulate to $100 000.00 in ten years.

• A) $434.71
• B) $450.59
• C) $833.33
• D) $45.06
• E) $416.67

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Definitions:

Insurance Benefits

Payments or services provided by insurance companies to policyholders when certain events or circumstances occur, outlined in an insurance policy.

Payroll Bank Account

A specific bank account used by businesses exclusively for processing payroll and associated employee payments.

Employees' Net Pay

The amount of income that an employee takes home after deductions like taxes, insurance premiums, and contributions to retirement accounts have been subtracted from their gross pay.

Estimated Warranty Liability

A financial provision for the expected future costs of repairing or replacing products under warranty.