An Account Now Contains $11,000 and Has Been Accumulating 7

question 34

Multiple Choice

An account now contains $11,000 and has been accumulating 7% annual interest, compounded continuously, for 10 years. Find the initial deposit.

• A) $5,448.44
• B) $5,462.44
• C) $5,467.00
• D) $5,463.69
• E) $5,466.19

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Definitions:

ADR Methods

Alternative Dispute Resolution Methods are procedures for settling disputes without litigation, such as arbitration or mediation.

Exclusive Jurisdiction

A legal term indicating that only one particular court or legal authority has the power to hear and decide a specific type of case.

Concurrent Jurisdiction

A situation where two or more courts have the same authority to preside over a given legal case.

In Rem Jurisdiction

The power of a court over the property or status of an out-of-state defendant when that property or status is within the court’s jurisdiction area.