Assume That $450 Is Deposited at the End of Each

question 231

Multiple Choice

Assume that $450 is deposited at the end of each year into an account in which interest is compounded annually at a rate of 5.5%.Find the accumulated amount after 14 years.Round to the nearest cent.

• A)$9,096.66
• B)$9,157.76
• C)$9,144.71
• D)$9,171.96
• E)$9,131.66

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Definitions:

Product Market

The marketplace where final goods or services are offered to consumers, businesses, and the government.

Consumer Expenditures

The total spending by consumers on goods and services for personal use.

Profit Income

The financial gain that results when the revenue from business activities exceeds the expenses, costs, and taxes involved in sustaining the activity.

Market System

In this economic framework, the determination of investment, production, and distribution is influenced by the market signals emanating from the interplay of supply and demand.