An Initial Deposit of $26,000 Grows at an Annual Rate

question 55

Multiple Choice

An initial deposit of $26,000 grows at an annual rate of 7% for 20 years. Compare the final balances resulting from continuous compounding and annual compounding. Round the answers to the nearest cent.

• A) $100,610.89 from annual compounding; $105,433.70 from continuous compounding
• B) $100,611.80 from annual compounding; $105,435.20 from continuous compounding
• C) $100,613.85 from annual compounding; $105,455.20 from continuous compounding
• D) $100,608.80 from annual compounding; $105,437.25 from continuous compounding

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Definitions:

Human Respect

The acknowledgement and consideration of the inherent dignity, worth, and rights of individuals, emphasizing the importance of treating everyone with decency and kindness.

Categorical Imperative

Kant's principle that dictates an action as morally obligatory, independent of personal desire or consequence, emphasizing universal moral laws.

Universality

A principle that suggests certain concepts or ethical judgments are universally applicable and valid across different cultures and situations.

Respect for Persons

A principle that emphasizes treating individuals with dignity, acknowledging their autonomy, and recognizing their rights.