Find the Amount of Money in an Account After 7

question 171

Multiple Choice

Find the amount of money in an account after 7 years if $2900 is deposited at 8% annual interest compounded semiannually.

• A) $5048.97
• B) $5021.86
• C) $5067.52
• D) $4970.09

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Definitions:

Income Distribution

The way in which total income is spread amongst the population or different groups within a society.

Lorenz Curve

A diagrammatic representation that exhibits how wealth or income is distributed among people in a society, underscoring the existing inequalities.

Gini Ratio

A scale measuring the degree of income difference among people in a demographic, with 0 symbolizing perfect equity and 1 symbolizing utter inequity.

Greater Inequality

A situation characterized by a wider disparity in income, wealth, opportunities, and other socioeconomic indicators among individuals or groups within a society.