Solve the Problem. Round to the Nearest Cent

question 154

Multiple Choice

Solve the problem. Round to the nearest cent.
-Mary needs $9000 in 6 years. What amount can she deposit in a sinking fund at the end of each Quarter at 5% interest compounded quarterly so she will have her $9000?

• A) $1323.16
• B) $308.90
• C) $323.88
• D) $340.17

Comprehend the challenges and negative consequences associated with IT implementation.

Acknowledge the advancement of automation and AI in transforming traditional processes and industries.

Analyze the regulatory and ethical considerations in the deployment of IT solutions.

Differentiate between data, information, knowledge, and how IT manages these elements.

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Definitions:

Term Deposit

A bank deposit with a fixed term and typically a fixed rate of interest, where withdrawal can only occur after the term ends without penalty.

Holding Cash

The practice of keeping money in the form of physical currency as a store of value or for transactions.

Money Demand Curve

A graphical representation showing the relationship between the quantity of money people want to hold and the interest rate, under the assumption that all other determinants of demand are unchanged.

Nominal Interest Rate

The interest rate actually paid for a loan, not adjusted for inflation.