Taylor Deposits $3,500 at the End of Year 1, $4,000

question 221

Multiple Choice

Taylor deposits $3,500 at the end of year 1, $4,000 at the end of year 3 and $2,500 at the end of year 5. If interest is 6.2% compounded monthly, determine the value at the end of year 7.

• A) $11,504.67
• B) $11,909.03
• C) $12,504.67
• D) $13024.06
• E) $13,504.67

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Definitions:

Avulsion

Avulsion is an injury in which a body structure is forcibly detached from its normal point of insertion by either trauma or surgery.

Burst

A sudden release of energy or activity, or the act of breaking apart or rupturing violently.

Comminuted

Describing a fracture in which the bone is broken into several pieces, often requiring surgery to repair.

Depressed

Depressed refers to a state of low mood and aversion to activity that can affect a person's thoughts, behavior, feelings, and sense of well-being.