Your Accountant Tells You That If You Can Continue to Earn

question 231

Multiple Choice

Your accountant tells you that if you can continue to earn the current interest rate on your balance of $750 for the next three years, you will have $998.25 in your account. If your accountant is correct, what is the current interest rate?

• A)9 percent
• B)10 percent
• C)11 percent
• D)12 percent

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Definitions:

Resources

The total means available for economic and political development, such as minerals, labor force, and financial wealth.

Depression

A harsh and long-lasting decline in economic operations, featuring a marked decrease in the GDP, rising unemployment figures, and continued decrease in prices.

Economy

The organized system of human activity involved in the production, consumption, exchange, and distribution of goods and services.

Point H

Typically used in graphical economic analysis to represent a specific point on a curve or graph, illustrating a particular economic condition or outcome.