Solve the Problem

question 39

Multiple Choice

Solve the problem. Round your answer to 2 decimal places when necessary.
-A U.S. city with a population of 2.2 million reports 30,724 births in one year. How many people are born per day in the city?

• A)591 births per day
• B)77 births per day
• C)84 births per day
• D)6027 births per day

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Definitions:

Compounded Monthly

The frequent calculation and addition of interest to an investment or debt balance each month.

Debtor Owe

Refers to the amount of money that a debtor is legally obligated to pay to a creditor.

Equal Monthly Payments

A repayment structure where the borrower pays a consistent amount each month over the life of a loan, often used in mortgages and personal loans.

Compounded Semi-Annually

The process where the interest earned on an investment is calculated and added to the principal twice a year.