A Lump-Sum Deposit of $8,000 Left in a Bank for 12

question 75

Multiple Choice

A lump-sum deposit of $8,000 left in a bank for 12 years at 9%, compounded annually, will result in an ending balance of: (Select the closest answer.)

• A)$11,600.
• B)$16,640.
• C)$22,504.
• D)$52,938.
• E)$96,000.

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Definitions:

Adaptation

The process of adjusting to changes in the environment, or a modification made to something to adjust to a new use or condition.

Attention Gains

Improvements in the ability to selectively concentrate on specific information while ignoring other distractions.

Weeks

Time units equivalent to seven days, used universally to organize and plan activities and events.

Attentiveness

The quality of paying close and continuous attention to something or someone.