Use the Compound Interest Formula to Compute the Total Amount

question 135

Multiple Choice

Use the compound interest formula to compute the total amount accumulated.
-$2830 for 5 years at 3% compounded semiannually

• A) $3254.50
• B) $3048.71
• C) $3280.75
• D) $3284.33

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Definitions:

Instinctive

Pertains to the inherent inclinations and responses that organisms are born with.

Instinctual Drive

An innate, biological motivator that drives behavior and responses to achieve specific needs.

Incentive

A motivational factor that prompts a person to act in a certain way or pursue a particular course of action.

Innate Goal

An inherent aim or objective that is hardwired into an organism, guiding its behaviors from birth.