Assume That $500 Is Deposited at the End of Each

question 183

Multiple Choice

Assume that $500 is deposited at the end of each year in an account in which interest is compounded annually at a rate of 7%.Find the accumulated amount after 5 years.Round to the nearest cent.

• A)$2,897.07
• B)$2,882.17
• C)$2,864.87
• D)$2,888.97
• E)$2,875.37

---

Definitions:

Moods

Emotional states that are less intense and longer-lasting than emotions, and often without a specific identifiable cause.

Interrelated

Things or concepts that are connected or related to each other in such a way that they influence or affect one another.

Contrast

The state of being strikingly different from something else in juxtaposition or close association, emphasizing differences between two or more items.

Criteria

Standards or principles by which something may be judged or decided.