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

Comprehend methods for organizing database objects in the Navigation Pane, including hiding and unhiding objects.

Grasp the significance of action queries, their potential risks, and management strategies.

Identify the process for handling database access and security, including password protection and encryption.

Learn the management of linked tables and the importance of location updates.

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Definitions:

Certificate of Deposit

A savings certificate issued by a bank to a person depositing money for a specified length of time, typically earning a fixed interest rate.

Treasury Bills

Short-term government securities issued at a discount from the face value and mature in a year or less, offering a secure, low-risk investment option.

Petty Cash Fund

A little bit of readily available money intended for covering small costs.

General Journal Entry

A record in the general journal that documents financial transactions, including date, accounts affected, amounts, and description.