Jim Moore Opens a New Savings Account

question 105

Multiple Choice

Jim Moore opens a new savings account. He deposits $12,000 at 12% compounded semiannually. At the start of the fourth year, Jim deposits an additional $50,000 that is also compounded semiannually at 12%. At the end of six years, the balance in Jim Moore's account is (use the tables in the handbook) :

• A)$66,081.20
• B)$50,000.00
• C)$16,081.20
• D)$88,555.42
• E)None of these

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Definitions:

Dynasty

A line of hereditary rulers of a country or empire; a succession of people from the same family who play a prominent role in business, politics, or another field.

Present Discontents

A reference to current dissatisfaction or unease among a population or within an individual about social, political, or personal circumstances.

Edmund Burke

An Irish statesman and philosopher, often regarded as the father of modern conservatism, known for his support of the American Revolution and critiques of the French Revolution.

Act of Union

Refers to various legislative acts that united two or more regions or countries into a single entity, such as the 1707 act uniting England and Scotland.