A Lump Sum Deposit of $8,000 Left in the Bank

question 140

Multiple Choice

A lump sum deposit of $8,000 left in the bank for 12 years at 9% compounded annually will result in an ending balance of (select the closest answer)

• A) $11,600.
• B) $16,640.
• C) $22,480.
• D) $52,938.
• E) $96,000.

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Definitions:

Income Inequality

The disparate sharing of income among participants in an economy, be they individuals or households.

Income Distribution

The way in which total income is shared among the population or different groups within society.

Lowest Quintile

The segment of a population that falls into the bottom 20% based on income or another measurable characteristic.

Income Distribution

The way in which total income is shared among the population or different segments of an economy.