Find the Value of $1,000 Left on Deposit for 13

question 132

Multiple Choice

Find the value of $1,000 left on deposit for 13 years at an annual rate of 7%, compounded quarterly.

• A)$2,466.25
• B)$2,473.85
• C)$2,639.38
• D)$2,466.85
• E)$2,464.85

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Definitions:

Legal Minimum

A legally established lower threshold for payments or conditions, such as minimum wage.

Good Sold

Refers to a product that has been purchased by a buyer from a seller in a transaction.

Nonbinding Price Floor

A minimum price set by law above which the market price can lie, without any impact on the market price because the floor is set below equilibrium.

Quantity Sold

The actual number of units of a product that have been sold in the market over a specific time period, reflecting market demand.