If $1,200 Is Deposited in a Savings Account That Pays

question 27

Multiple Choice

If $1,200 is deposited in a savings account that pays interest at a rate of % per year compounded continuously, find the balance after 4 years.

• A)$1,826.35
• B)$1,808.18
• C)$4,520.45
• D)$1,790.19
• E)$796.38

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Definitions:

Unemployment Insurance

A government program that provides financial assistance to individuals who are unemployed through no fault of their own.

Spells of Unemployment

Periods during which an individual is out of work and actively seeking employment.

Non-institutionalized Population

Individuals residing within a community rather than in institutions such as prisons, nursing homes, or psychiatric hospitals.

Labor Force

The total number of people who are eligible and available to work, including both the employed and the unemployed seeking employment.