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:

Projected Addition

An estimate or forecast of the future increase in a specific metric such as revenue, profits, or assets.

External Financing

Funding obtained from outside of a company, rather than from its own earnings, to support its operations or growth. This can come from debt, equity, or other financial instruments.

Constant Ratio

A fixed ratio that remains unchanged over time or under various conditions.