An Account Was Opened with $1,000 Ten Years Ago

question 66

Multiple Choice

An account was opened with $1,000 ten years ago. Today, the account balance is $1,500. If the account paid interest compounded annually, how much interest on interest was earned?

• A) $86.20
• B) $93.10
• C) $102.39
• D) $130.28
• E) $500.00

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Definitions:

Strong Support

Firm backing or endorsement from someone or something, often indicating unwavering faith or belief in a cause, individual, or idea.

Mild Support

Minimal yet positive encouragement or assistance that helps to promote or sustain a particular action or condition.

Cognitive Therapy

A form of psychotherapy that addresses maladaptive thinking patterns to effect change in behavior and emotion.

Suffering From Depression

Experiencing a mental health disorder characterized by persistently depressed mood or loss of interest in activities, causing significant impairment in daily life.