Use the Compound Interest Formula to Determine the Accumulated Balance

question 28

Multiple Choice

Use the compound interest formula to determine the accumulated balance after the stated period. Assume that interest iscompounded annually.
-$1070 is invested at an APR of 3.5% for 13 years.

• A)$1519.40
• B)$1556.85
• C)$1673.43
• D)$1616.84

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Definitions:

Matched Design

A research design that matches the experimental participants with control participants who are similar on key characteristics.

Epidemiological

Relating to the study of how disease rates vary among different population groups to identify patterns, causes, and control health problems.

Experimental

Referring to a method of investigation in the sciences and social sciences in which variables are manipulated to observe and measure effects on a particular outcome.

Natural

Pertaining to or derived from the physical world and the processes in it.