Use the Compound Interest Formula to Determine the Accumulated Balance

question 112

Multiple Choice

Use the compound interest formula to determine the accumulated balance after the stated period. Assume that interest iscompounded annually.
-$16,000 is invested at an APR of 2.3% for 17 years.

• A)$23,021.31
• B)$22,256.00
• C)$21,888.00
• D)$23,550.80

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Definitions:

Baruch Spinoza

A Dutch philosopher of Portuguese Sephardi origin, known for his work in ethics, epistemology, and metaphysics, emphasizing monism – the idea that there is only one substance in the universe.

Pantheism

The belief that God is identical with creation. Baruch Spinoza, for example, was a pantheist. Hinduism, in some interpretations, can be construed as a form of pantheism.

Polytheism

Belief in many gods and goddesses.

Kierkegaard

Søren Kierkegaard, a Danish philosopher and theologian considered the father of existentialism, known for his critique of Hegel and the concept of individuality.