Assume That $500 Is Deposited at the End of Each

question 89

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 6 years.Round to the nearest cent.

• A)$3,589.10
• B)$3,597.55
• C)$3,601.55
• D)$3,576.65
• E)$3,559.30

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Definitions:

Consumer Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, often used as an indicator of inflation.

Market Basket

A selected set of goods and services used to track changes in prices, often for the purpose of measuring inflation or the cost of living.

Pay Equity

The principle of compensating employees equally for jobs of equal value regardless of gender, ethnicity, or other non-performance-related factors.