Felipe Rivera's Savings Account Has a Balance of $2238

question 210

Multiple Choice

Felipe Rivera's savings account has a balance of $2238. After 3 years what will the amount of interest be at 6% compounded quarterly?

• A) $428.79
• B) $437.79
• C) $67.14
• D) $442.79

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Definitions:

Flexible Spending Accounts

Tax-advantaged accounts that allow employees to save pre-tax dollars for eligible health care and dependent care expenses.

Defined-Benefit Plans

A type of pension plan where an employer promises a specified pension payment upon retirement, which is determined based on the employee’s earnings history, tenure of service, and age.

Workers' Compensation Insurance

Insurance that provides financial benefits and medical care to employees who are injured or become ill as a direct result of their job.

Experience Rating

The number of employees a company has laid off in the past and the cost of providing them with unemployment benefits.