Assume That $1,300 Is Deposited in an Account in Which

question 143

Multiple Choice

Assume that $1,300 is deposited in an account in which interest is compounded annually at a rate of 6%.Find the accumulated amount after 2 years.Round your answer to the nearest cent.

• A)$1,960.71
• B)$1,360.68
• C)$1,460.68
• D)$1,710.70
• E)$1,561.08

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Definitions:

Flexible Exchange Rates

Foreign exchange system where the value of currencies is determined by supply and demand in the forex market, without direct government intervention.

Services Trade

The exchange of services between countries, including sectors such as finance, insurance, transport, and tourism.

Goods Trade

The act of buying, selling, or exchanging tangible products between countries or within a country.

Balance of Payments Deficit

A situation where a country's total international payments exceed its total international receipts over a specified period, indicating more money flowing out than coming in.