How Much Interest Is Earned in Just the Third Year

question 108

Multiple Choice

How much interest is earned in just the third year on a $1,000 deposit that earns 7% interest compounded annually?

• A) $70.00
• B) $80.14
• C) $105.62
• D) $140.00

---

Definitions:

U.S. Department of Justice's Website

The official online portal that provides information on the functions, agencies, and services of the U.S. Department of Justice.

Library of Congress

The research library that officially serves the United States Congress, noted for being one of the largest libraries in the world.

Research Guides

Compiled resources and materials designed to assist in conducting research, particularly useful in academic and legal research settings.

Georgetown University

A prestigious private research university located in Washington, D.C., known for its strong programs in international relations, law, and political science.