Assume That $500 Is Deposited at the End of Each

question 108

Multiple Choice

Assume that $500 is deposited at the end of each year into an account in which interest is compounded annually at a rate of 4.5%.Find the accumulated amount after 11 years.Round to the nearest cent.

• A)$6,950.04
• B)$6,941.74
• C)$6,878.79
• D)$6,935.32
• E)$6,920.59

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Definitions:

Personality

A person's unique patterns of thoughts, feelings, and behaviors that persist over time and across situations.

East Asia

A geographical region that includes countries such as China, Japan, Korea, and Taiwan, known for its rich cultural heritage and economic significance.

Psychotherapy

A general term for treating mental health problems by talking with a psychiatrist, psychologist, or other mental health provider.

Sigmund Freud

Austrian neurologist and the founder of psychoanalysis, a method for treating psychopathology through dialogue between a patient and a psychoanalyst.