If $21,000 Is Invested in a Savings Account Yielding 5

question 102

Multiple Choice

If $21,000 is invested in a savings account yielding 5.5% per year, compounded semiannually, how fast is the balance growing after 3 years?

• A)$1,676.02 per year
• B)$1,877.14 per year
• C)$938.57 per year
• D)$1,340.81 per year
• E)$2,413.47 per year

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Definitions:

Raspy Voice

A voice that is harsh, grating, or hoarse, often resulting from irritation or injury to the vocal cords.

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The process of adding more detail to or expanding on existing information.

Semantic Encoding

The process of encoding information according to its meaning, which helps in better recall.

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The process of generating new neurons in the brain, a key component in learning and memory.