If Emily Deposits $500 Every Other Year into Her Bank

question 29

Multiple Choice

If Emily deposits $500 every other year into her bank account that pays 1.5% annual interest, compounded yearly, how much will she accumulate over a 10-year period?

• A)$2 500
• B)$2 568
• C)$2 576
• D)$2 656
• E)$5 738

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Definitions:

Effective Performance

Achieving desired outcomes or objectives efficiently and effectively with the optimal use of resources.

Chronic Renal Disease

A long-term condition characterized by a gradual loss of kidney function over time.

Calcium Carbonate

A commonly used dietary supplement or antacid that neutralizes stomach acid and is used to treat conditions like heartburn or calcium deficiency.

Phosphorus

A mineral important for the formation of bones and teeth and also plays a crucial role in how the body uses carbohydrates and fats.