If the Interest Rate Is 5%, the Value of $1,000

question 28

Multiple Choice

If the interest rate is 5%, the value of $1,000 at the end of 10 years is

• A)$1,505.
• B)$1,628.89.
• C)$10,000.
• D)$57,665.04.

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Definitions:

Previous Wages

The past earnings or salaries received by an individual from employment or labor.

Means-Tested

A determination of who is eligible for government assistance based on financial need or income.

Indexed Benefit

A type of benefit or payment that is adjusted according to a specified index, often to keep up with inflation or cost of living changes.

In-Kind

Refers to payments or contributions made in goods or services instead of cash.