U Do It Centers Deposited $3,200 in an Account Two

question 87

Multiple Choice

U Do It Centers deposited $3,200 in an account two years ago and is depositing another $5,000 today.A final deposit of $3,500 will be made one year from now.What will the account balance be three years from now if the account pays 4.85 percent interest,compounded annually?

• A)$13,033.95
• B)$13,430.84
• C)$12,431.05
• D)$14,328.90
• E)$13,666.10

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Definitions:

Journalizing

Entries on the daily log; when an entry is made on the manual day sheet.

Computerized Practice Management Software

Digital tools designed to streamline the administrative and billing operations in medical practices.

Instant Access

Immediate entry or availability to use a service, facility, or information.

Pegboard System

An accounting system that uses a board with pegs to track the financial transactions and balances of a business.