Evaluate Round Dollar Amounts to the Nearest Cent and Other

question 31

Multiple Choice

Evaluate. Round dollar amounts to the nearest cent and other answers to the nearest thousandth when necessary.
- $$\mathrm { P } \left( 1 + \frac { \mathrm { r } } { \mathrm { k } } \right) ^ { \mathrm { kn } } \text { for } \mathrm { P } = \$ 14,000 , \mathrm { n } = 12 , \mathrm { r } = 5 \% , \mathrm { k } = 2$$

• A) $25,141.99
• B) $24,704.55
• C) $11,322.16
• D) $25,322.16

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Definitions:

Personal Tax Rate

The percentage of an individual's income that is paid to the government as tax.

Medium of Exchange

A medium of exchange is an intermediary instrument or system used to facilitate the sale, purchase, or trade of goods between parties.

Non-Interest-Bearing Asset

An asset that does not generate interest income for its holder.

Measure of Wealth

A metric or approach to evaluate the value of assets owned by individuals, businesses, or countries.