If You Put $50 in a Savings Account Paying 4

question 4

Multiple Choice

If you put $50 in a savings account paying 4% for 2 years, and the interest rate is 4%, approximately how much money will you end up with?

• A)$52
• B)$55
• C)$54
• D)$58

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Definitions:

Budgeted Income Statement

A financial statement that projects a company’s expected revenues, expenses, and net income for a specific period, based on forecasts and strategic plans.

Budget Committee

A group responsible for reviewing, approving, and overseeing a company's budget and financial planning processes.

Preparation of the Budget

Preparation of the budget involves planning and drafting a detailed financial plan that estimates the income and expenditures for a specific period in the future.

Treasurer

An executive responsible for managing a company's investments, cash flow, financial planning, and related records.