If You Put $10 in a Savings Account at the Beginning

question 54

Multiple Choice

If you put $10 in a savings account at the beginning of each month for 10 years,how much money will be in the account at the end of the 10th year? Assume that the account earns 12% compounded monthly and round to the nearest $1.

• A) $1,200
• B) $2,323
• C) $1,344
• D) $3,727

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Definitions:

Reasonable Freedom

A concept referring to the amount of autonomy and liberty considered fair or adequate in a given context, allowing individuals or groups to make choices within certain boundaries.

Take Initiatives

The action of identifying opportunities and proactively pursuing them without being prompted by others, showing leadership and self-drive.

Argyris

Refers to Chris Argyris, a pioneer in the field of organizational development, known for his work on the theory of organization behavior.

Highest Productivity

The maximum level of efficiency in which goods and services are produced with the least amount of resources in a given time period.