If You Put $1,000 in the Bank Today at an Interest

question 87

Multiple Choice

If you put $1,000 in the bank today at an interest rate of 6% what is its value in two years?

• A)$2,000(1.06)
• B)$1,000 + $(1.06)²
• C)$1,000(1.06)²
• D)None of the above are correct.

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Definitions:

Government Revenue

Income received by the government from taxes and other sources used to fund public services and projects.

Tariff

A tax imposed by a government on goods and services imported from other countries, used to control trade and protect domestic industries.

Sugar

A sweet-flavored substance derived primarily from sugarcane and sugar beet, used chiefly as an ingredient in food and beverages.

Equivalent Imports

Goods or services brought into a country that serve the same purpose as locally produced goods or services.