Find the Amount That Will Be Accumulated in the Account

question 5

Multiple Choice

Find the amount that will be accumulated in the account under the given conditions.
-The principal $15,400 is accumulated with simple interest of 16% for 5 years.

• A) $20,212.50
• B) $27,720
• C) $12,320
• D) $15,892.80

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Definitions:

Holistic

An approach that emphasizes the importance of the whole and the interdependence of its parts.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information that confirms one’s preexisting beliefs or hypotheses.

Emotional Valence

Emotional valence refers to the intrinsic attractiveness(positive) or averseness(negative) of an event, object, or situation.

Bounded Rationality

Bounded Rationality is a concept suggesting that the cognitive limitations of the mind and the finite amount of time available to make decisions affect the rationality of individuals.