Assume That $1,000 Is Deposited in an Account in Which

question 152

Multiple Choice

Assume that $1,000 is deposited in an account in which interest is compounded annually at a rate of 9%.Find the accumulated amount after 13 years.Round your answer to the nearest cent.

• A)$2,965.80
• B)$3,166.20
• C)$3,315.82
• D)$3,065.80
• E)$3,565.83

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Definitions:

Flotation Costs

The costs incurred by a company when issuing new securities, including underwriting, legal, and registration fees.

Positive Effect

A beneficial or favorable outcome or impact of a particular event, action, or policy.

Stock Prices

The cost at which a share of a company can be bought or sold on the stock market.

Dividends

Money paid out to shareholders by a corporation, usually as a share of profits.