If $30,000 Is Deposited in a Savings Account at the End

question 36

Multiple Choice

If $30,000 is deposited in a savings account at the end of each year and the account pays interest of 5% compounded annually, what will be the balance of the account at the end of 10 years?

• A)$48,867
• B)$315,000
• C)$377,337
• D)$450,000

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Definitions:

Importance

The state or fact of being of great significance or value.

Implicit Premise

A premise that is assumed by an argument but is not stated.

Plane Ticket

A document, issued by an airline or a travel agency, to confirm an individual's entitlement to a seat on a flight on an aircraft.

Bus

A large motor vehicle designed to carry passengers along designated routes.