You Are Preparing to Make Monthly Payments of $100, Beginning

question 112

Multiple Choice

You are preparing to make monthly payments of $100, beginning at the end of this month, into an account that pays 5 percent interest, compounded monthly. How many payments will you have made when your account balance reaches $10,000? 

• A) 97.30 
• B) 83.77 
• C) 89.46 
• D) 100.00 
• E) 91.12 

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Definitions:

Athletes

Individuals who are skilled in physical exercise or sports, often participating in competitive events.

Game

A structured form of play, usually undertaken for entertainment or fun, and sometimes used as an educational tool.

TOTE

The self-regulation feedback loop of Test, Operate, Test, Exit.

Evaluate

To assess or examine something in order to understand its value, importance, or condition, often leading to a judgment.