If You Put $400 into a Bank Account Today and It

question 280

Multiple Choice

If you put $400 into a bank account today and it promises to pay 5% interest for 6 years, how much is in the account at the end of the six years?

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Definitions:

Accounts

Recordings within an accounting system that track financial transactions and their effects on specific assets, liabilities, equity, revenues, and expenses.

Balances

Refers to the amount of money in a financial account, the difference between debit and credit totals in an account, or the amount remaining unpaid on a debt.

Business Enterprises

Organizational entities engaged in commercial, industrial, or professional activities, aiming to generate profits from their operations.

Accountants

Experts who conduct financial analyses or audits in adherence to established procedures.