Jeff Put $75 into an Account and One Year Later

question 17

Multiple Choice

Jeff put $75 into an account and one year later had $100.What interest rate was paid on Jeff's deposit?

• A) 20 percent
• B) 25 percent
• C) 28 percent
• D) None of the above is correct.

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Definitions:

Discretionary Income

What remains of someone's earnings for savings, investment, or other expenses after settling tax obligations and necessary personal expenses like shelter and food.

Property Taxes

Taxes levied by local government on real property (land and buildings), based on assessed value, to fund municipal services like schools, roads, and public works.

Cost of Living

A measure of the average cost necessary to cover basic expenses such as housing, food, taxes, and healthcare in a certain place and time.

Consumer Expenditure Survey

A statistical survey that collects information on the spending habits, income, and demographic characteristics of consumers.