You Want to Save Money to Buy a New Computer

question 52

Multiple Choice

You want to save money to buy a new computer system. If you deposit $100 a month for a year at an APR of 6% compounded monthly, how much money will you have saved after a year?

• A)$1272.00
• B)$1233.56
• C)$1022.80
• D)$1167.54

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Definitions:

Cash Collections

The total amount of money received by a company from its various activities, including sales, services, and financing, over a specific period.

Cost of Goods Sold

Costs directly associated with manufacturing goods a company sells, such as materials and labor expenses.

Accounts Receivable Balance

The Accounts Receivable Balance is the total amount of money owed to a company by its customers for goods or services delivered on credit.

Month of Sale

The specific month in which a transaction or sale of goods or services took place.