Use the Following Information to Answer the Question(s)below

question 43

Multiple Choice

Use the following information to answer the question(s) below.
Your great aunt Matilda put some money in an account for you on the day you were born.This account pays 8% interest per year.On your 21st birthday the account balance was $5033.83.
-The amount of money that your great aunt Matilda originally put in the account is closest to:

• A)$600.
• B)$800.
• C)$1000.
• D)$1200.

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Definitions:

Fixed Income

A type of investment security that pays investors fixed interest or dividend payments until its maturity date.

Incremental Theorists

Individuals who believe that personal qualities such as intelligence and skills can improve over time with effort and practice.

Learned Helplessness

A condition in which a person suffers from a sense of powerlessness, arising from persistent failure to succeed or escape from a difficult situation.

Fluid Abilities

Cognitive abilities that involve the capacity to think logically and solve problems in novel situations, independent of acquired knowledge.