Three Thousand Dollars Is Deposited into an Account Paying 10

question 112

Multiple Choice

Three thousand dollars is deposited into an account paying 10% annually to provide three annual withdrawals of $1,206.34 beginning in one year. How much remains in the account after the second payment has been withdrawn?

• A) $1,326.97
• B) $1,206.34
• C) $1,096.69
• D)$587.32

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Definitions:

Spongy Bone

A type of bone tissue found at the ends of bones and in the interior of vertebrae, characterized by a porous, lattice-like structure that is lighter and less dense than compact bone.

Concentric Lamellae

Layers of bony matrix in an osteon, circularly arranged around a central canal containing blood vessels and nerves in the bone.

Trabeculae

Trabeculae are the small, beam-like structures of spongy bone, providing structural support and helping to reduce the weight of the skeleton.

Compact Bone

Bone that is denser and has fewer spaces than cancellous bone.