Jorgen Grace Made Deposits of $250 at the End of Each

question 12

Multiple Choice

Jorgen Grace made deposits of $250 at the end of each year for 12 years. The rate received was 6% annually. What is the value of the investment after 12 years?

• A)$2,028
• B)$3,000
• C)$4,217.48
• D)$4,200
• E)None of these

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Definitions:

Income Equality

Income equality refers to a scenario where earnings are distributed evenly across a population. It is the opposite of income inequality where earnings are unequally distributed.

Economic Efficiency

A measure of how well resources are utilized and allocated to maximize productivity and meet the needs and wants of society.

Quintile Distribution

The division of a population or dataset into five equal groups or parts, often used in economic studies to analyze income or wealth distribution.

Before-Tax Household Income

The total income earned by a household before any taxes are deducted.