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:

Cost

The amount that is spent to buy or produce something, including the resources and materials used.

Overhead Expenses

Costs associated with running a business that are not directly tied to producing goods or services, such as rent and utilities.

Profit

The financial gain obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes needed to sustain the operations.

Markdown

A reduction from the original or retail price of goods or services, typically to stimulate sales or clear out inventory.