Assume That $800 Is Deposited in an Account in Which

question 223

Multiple Choice

Assume that $800 is deposited in an account in which interest is compounded annually at a rate of 9%. Find the accumulated amount after 11 years.Round your answer to the nearest cent.

• A)$2,064.34
• B)$1,964.34
• C)$2,164.74
• D)$2,564.37
• E)$2,314.36

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Definitions:

Restrictive Endorsement

A limitation placed on the use of a check that specifies the conditions under which the check can be endorsed or cashed.

Negotiable

Refers to something that can be transferred from one party to another, commonly used in the context of financial instruments that can be exchanged or sold.

Holder in Due Course

A legal term that refers to a person who has acquired a negotiable instrument in good faith and for value, thereby having certain rights to payment.

Transferred

The act of moving or shifting ownership, rights, or possession from one entity to another.