Assume That $500 Is Deposited at the End of Each

question 183

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 5 years.Round to the nearest cent.

• A)$2,897.07
• B)$2,882.17
• C)$2,864.87
• D)$2,888.97
• E)$2,875.37

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Definitions:

PhD

A Doctor of Philosophy degree, a postgraduate academic degree awarded by universities to individuals who have completed advanced research in a specific field.

Internship

A period of work experience offered by an organization for a limited period of time, often used by students to gain relevant skills and experience in a particular field.

Coursework

The work assigned to and done by a student during a course of study, usually assessed in order to count towards a final grade or mark.

Gestalt Psychology

A psychological approach that emphasizes that the whole of anything is greater than its parts, focusing on patterns and objects as perceived in the human mind.