With Month Payment of $580 into a Savings Account,in 5

question 66

Multiple Choice

With month payment of $580 into a savings account,in 5 years,Allen finally accumulates $80,000 for his dream trip to travel around the world.What could be the effective rate of interest that Allen's savings account enjoys in the 5-year term?

• A) 18.37%
• B) 20.84%
• C) 35.11%
• D) 10.75%

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Definitions:

Routine Decisions

Decisions that are made frequently and with a relatively simple process because they involve situations that have occurred before and have predictable outcomes.

Established Procedure

A set method or protocol that has been officially adopted for conducting activities or accomplishing tasks.

Rational Model

A decision-making model that involves a structured and logical process to arrive at a decision.

Possible Alternatives

Other options or choices available in a decision-making process, considered when the primary plan or choice is unavailable or unsuitable.