Scott Deposits $5,000 at the End of Each Year into an Account

question 69

Multiple Choice

Scott deposits $5,000 at the end of each year into an account for five years. Assuming 6% interest annually, what is the value of his account in five years?

• A)$67,060
• B)$21,873
• C)$30,100
• D)$28,185.50
• E)None of these

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Definitions:

Ration

To distribute or allocate a scarce resource or supply in a controlled manner among various users.

Overpopulation

A condition where an environment's population exceeds the capacity it has to support life healthily and comfortably.

Income Gap

The disparity in income and wealth distribution between different groups in society, often measured between the rich and the poor.