Your Bank Offers a Savings Account That Pays 3

question 55

Multiple Choice

Your bank offers a savings account that pays 3.5% interest, compounded annually.If you invest $1,000 in the account, then how much will it be worth at the end of 25 years?

• A) $2,245.08
• B) $2,363.24
• C) $2,481.41
• D) $2,605.48
• E) $2,735.75

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Definitions:

Effortful Processing

The voluntary and conscious encoding of information that requires attention and effort.

Priming

A psychological phenomenon where exposure to one stimulus influences the response to a subsequent stimulus, without conscious guidance or intention.

Visual

Relating to sight or the ability to see, including the processing and interpretation of visual stimuli by the brain.

Effortful

Describes tasks or processes that require a significant amount of mental or physical effort to be completed.