Find the Compound Amount for the Deposit

question 71

Multiple Choice

Find the compound amount for the deposit. Round to the nearest cent.
-$1100 at 3% compounded quarterly for 2 years

• A) $1116.56
• B) $1167.76
• C) $1166.99
• D) $1166.00

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Definitions:

Abbreviation

A shortened form of a word or phrase used to save space or time, common in various fields including medicine and communication.

QID

An abbreviation in medical prescriptions indicating medication should be taken four times a day.

Legibly

In a manner that is clear enough to read; the quality of being easily readable by others.

Strength

The capacity of an object or individual to withstand great force or pressure, often measured in terms of physical power or durability.