An Initial Deposit of $20,000 Earns 3% Interest, Compounded Monthly

question 130

Multiple Choice

An initial deposit of $20,000 earns 3% interest, compounded monthly. How much will be in the account after 15 years? Round your answer to the nearest cent.

• A) $4,090,067.19
• B) $31,348.63
• C) $31,159.35
• D) $20,763.27

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Definitions:

Equal Influence

A situation in decision-making processes where all participants have an equal say or impact.

Team's Goals

Shared objectives or targets that a group collectively works towards achieving, often within a specified timeframe.

Stressful Conditions

Situations or environments that create psychological or physical strain on individuals, often leading to a state of tension or discomfort.

Motivated

Having a strong desire or willingness to do something, driven by certain needs, desires, or goals.