Find the Principal That Must Be Deposited in an Account

question 19

Multiple Choice

Find the principal that must be deposited in an account with an annual interest rate of 4%, compounded monthly, so that after 15 years the balance is $4,000. Round your answer to the nearest cent.

• A)$2,197.44
• B)$2,221.06
• C)$2,195.32
• D)$2,195.25
• E)$2,201.80

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Definitions:

Leadership Style

Leadership Style refers to the behavior and approach of guiding, directing, motivating, and managing a group of people towards achieving a goal.

Transformational Leadership

A style of leadership where leaders encourage, inspire, and motivate employees to innovate and create change that will help grow and shape the future success of the company.

Contingent Reward Behaviour

A leadership behavior that provides rewards for performance that meets or exceeds expectations, typically used to motivate and align employees' goals with organizational objectives.

Follower Satisfaction

The degree to which individuals feel content and positively evaluated their experience under the guidance or leadership of someone else.