Penn Station Is Saving Money to Build a New Loading

question 66

Multiple Choice

Penn Station is saving money to build a new loading platform.Two years ago,they set aside $24,000 for this purpose.Today,that account is worth $28,399.What rate of interest is Penn Station earning on this investment?

• A)6.39 percent
• B)7.47 percent
• C)8.78 percent
• D)9.23 percent
• E)9.67 percent

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Definitions:

Subsidies

Financial support provided by governments to entities, aimed at reducing the cost of services and goods, promoting economic and social policies.

Balance of Trade Deficit

A situation where the value of a country's imports exceeds the value of its exports, resulting in a net outflow of domestic currency to foreign markets.

Balance of Payments Surplus

A situation where the total of a country's exports and incoming funds from other countries exceeds its imports and outgoing funds.

Imports

Goods and services purchased from other countries.