June Made an Initial Deposit of $4700 in an Account

question 242

Multiple Choice

June made an initial deposit of $4700 in an account for her son. Assuming an interest rate of 8% compounded quarterly, how much will the account be worth in 12 years?

• A) $11,920.81
• B) $12,047.53
• C) $12,159.23
• D) $7710.85

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Definitions:

Constitutionality

Pertaining to the adherence or conformity to the principles or provisions of a constitution, especially the United States Constitution.

Florida

A state located in the southeastern region of the United States, known for its warm climate, beaches, and as a popular tourist destination.

Seminole Indians

A Native American people originally from Florida, known for their resistance against U.S. military campaigns during the Seminole Wars.

Spanish Rule

The period of colonial dominion over various territories by the Spanish Empire, characterized by significant cultural, social, and political changes in the regions under Spain's control.