An Account Now Contains $11,300 and Has Been Accumulating Interest

question 20

Multiple Choice

An account now contains $11,300 and has been accumulating interest at a 9% annual rate, compounded continuously, for 9 years.Find the initial deposit.

• A)$5,026.90
• B)$11,209.29
• C)$11,207.59
• D)$11,279.45
• E)$5,021.11

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Definitions:

Money Supply Growth Rate

The rate at which the amount of money available in an economy is increasing over a specific period.

Unemployment

The condition of being without a job despite actively looking for work.

Aggregate-Demand Curve

A curve that shows the quantity of goods and services that households, firms, the government, and customers abroad want to buy at each price level

Trade-Off

A situation that involves losing one quality or aspect of something in return for gaining another quality or aspect.