If $13,000 Is Deposited in a Savings Account at the End

question 55

Multiple Choice

If $13,000 is deposited in a savings account at the end of each year and the account pays interest of 5% compound annually, what will be the balance of the account at the end of 10 years?

• A) $13,650
• B) $211,757
• C) $163,512
• D) $136,500

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Definitions:

Sovereignty

The authority of a state to govern itself or another state; a nation's independence and right to self-determination.

Statute of Limitations

Legal provision that sets the maximum time after an event within which legal proceedings may be initiated.

Unemployment Rates

The percentage of the labor force that is jobless and actively seeking employment.

Educational Levels

The stages or degrees of formal learning individuals obtain, ranging from primary education to higher education and beyond.