At the End of Every Six Months for the Last

question 111

Multiple Choice

At the end of every six months for the last six years Vincent has borrowed $1,000 from Charley at an interest rate of 11% compounded semi-annually. He has not made any payments to reduce his debt. How much, including interest, does Vincent owe Charley now?

• A) $19,920
• B) $16,386
• C) $22,714
• D) $8,618
• E) $15,536

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Definitions:

Bar Graph

Also known as a bar chart, a graphic presentation of statistical information resembling the histogram except that there may not be a numeric scale on the horizontal axis and the bars normally do not touch each other.

Line Graph

A type of graph often used for illustrating data over time.

Histogram

A graphical representation of the distribution of numerical data, using bars of different heights to show frequencies of data within successive intervals.

Quarterly Revenue

The total amount of income generated by a company during a three-month period, typically used to assess financial performance.