The Stated Interest Rate on Your Account Is 3

question 76

Multiple Choice

The stated interest rate on your account is 3.5%,interest compounded monthly.If you deposit $100 each month,how much will you have in your account in 8 years? (Use time value tables or financial calculator.)

• A)$9,600
• B)$9,936
• C)$11,060
• D)$12,288
• E)$12,350

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Definitions:

Atlantic Coast

The eastern seaboard of the United States, stretching from Maine to Florida, characterized by diverse ecosystems and significant historical importance.

Portugal

A country located on the southwestern edge of Europe, known for its rich history, cultural heritage, and significant contributions to global exploration.

Vasco Da Gama

A Portuguese explorer who was the first to sail directly from Europe to India by navigating around Africa's Cape of Good Hope.

Cape Of Good Hope

A rocky headland on the Atlantic coast of the Cape Peninsula in South Africa, historically significant as a waypoint on the sea route to the East.