The Merit System That Came into Existence After the Assassination

question 49

Multiple Choice

The merit system that came into existence after the assassination of President James Garfield in 1881 was part of the

• A)Office of Personnel Management.
• B)Pendleton Act.
• C)Hatch Act.
• D)Garfield Employment Act.
• E)Civil Service Reform Act.

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Definitions:

Effective Annual Rates

The effective annual rate (EAR) is the actual interest rate that an investment earns due to compounding over a given period, usually one year.

Nominal Rate

The interest rate before adjustments for inflation, representing the face value of financial products.

Compounded Monthly

A method of calculating interest where the accrued interest is added to the principal sum at the end of each month, leading to "interest on interest."

Present Value

Present value is the current worth of a future sum of money or stream of cash flows given a specified rate of return.