Use Table 12-1 of Your Text to Find the Future

question 26

Multiple Choice

Use Table 12-1 of your text to find the future value of $1,300 deposited at the BEGINNING of every three months, for 3 years if the bank pays 12% interest, compounded quarterly.

• A) $18,789.65
• B) $19,955.20
• C) $19,003.13
• D) $20,830.22

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Definitions:

Polynomial Equation

An equation that involves only polynomials, which are expressions consisting of variables and coefficients structured over addition, subtraction, and multiplication.

Factoring

The process of breaking down an equation into simpler components that are multiplied together.

Equation

An assertion in mathematics that two expressions, which may include variables, are equal.

Factoring

The process of breaking down an expression into a product of simpler expressions.