Assume That $450 Is Deposited at the End of Each

question 246

Multiple Choice

Assume that $450 is deposited at the end of each year in an account in which interest is compounded annually at a rate of 8%.Find the accumulated amount after 8 years.Round to the nearest cent.

• A)$2,890.99
• B)$4,786.48
• C)$3,988.74
• D)$3,190.99
• E)$5,236.48

---

Definitions:

Accounts Payable

Liabilities of a business that represent the company's obligation to pay off a short-term debt to its creditors or suppliers.

Inventory

The complete inventory of products and materials a company possesses, meant for sale or to be used in manufacturing.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold in a company, including material and labor costs.

Accounts Receivable

Funds that customers owe to a business for products or services provided but for which payment has not yet been received.