To Save for a Child's Education, the Petersens Deposited $2300

question 88

Multiple Choice

To save for a child's education, the Petersens deposited $2300 into an account that pays 4% annual interest compounded daily. Find the amount of interest earned on this account over a 10-year period. Round your answer to the nearest cent.

• A) $3551.15
• B) $3431.12
• C) $2959.29
• D) $2300.25
• E) $1131.12

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Definitions:

National Industrial Recovery Act

A law passed in 1933 as part of the U.S. New Deal to stimulate economic recovery, establish fair competition, and reduce unemployment.

Unconstitutional

An action or legislative act that is deemed to be in violation of the constitution of a country.

Labor Unions

Organizations formed by workers to protect their rights and interests through collective bargaining with employers.

Wagner Act

A foundational piece of labor legislation in the United States, officially known as the National Labor Relations Act of 1935, that established the rights of workers to form unions and engage in collective bargaining.