If $22,000 Is Deposited in a Savings Account at the End

question 62

Multiple Choice

If $22,000 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) $23,100
• B) $231,000
• C) $276,714
• D) $303,600

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Definitions:

Temporary Disability

A condition where an individual is unable to perform their usual work duties for a limited period of time due to illness or injury.

Death Benefits

Financial compensation paid to the beneficiaries or dependents of a deceased individual, usually through insurance or social security.

Preauthorization

Authorization or approval for payment from a third-party payer requested in advance of a specific procedure.

Third-party Payer

An entity (usually an insurance company or government agency) that pays medical expenses on behalf of the patient.