If a Savings Account Pays Interest at 4% Compounded Quarterly

question 22

Multiple Choice

If a savings account pays interest at 4% compounded quarterly, then the amount of €1 left on deposit for 6 years would be found in a table using

• A) 6 periods at 4%.
• B) 6 periods at 1%.
• C) 24 periods at 4%.
• D) 24 periods at 1%.

---

Definitions:

Pesos

The currency unit of several countries in Latin America and the Philippines.

Bolivars

The currency of Venezuela, used as a medium of exchange within the country.