Solve the Problem. Round to the Nearest Cent

question 44

Multiple Choice

Solve the problem. Round to the nearest cent.
-Sandra deposits $3000 in an ordinary annuity at the end of each semiannual period at 3% interest Compounded semiannually. Find the amount she will have on deposit after 12 years.

• A) $85,900.56
• B) $78,675.43
• C) $82,900.56
• D) $43,853.37

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Definitions:

Income Inequality

The unequal distribution of an economy’s total income among households or families.

Gini Curve

A graphical representation of the distribution of income or wealth within a society, used to measure economic inequality.

Quintile Distribution

A method of dividing a population into five equal groups based on their income levels or other measures.

Nation's Income

The total amount of money earned within a country from the production of goods and services over a specific time period, including wages, profits, and rental income.