Jim Deposits $15,000 in an Account on January 1

question 107

Multiple Choice

Jim deposits $15,000 in an account on January 1. Starting on January 2, he withdraws $100 each morning. Find the amount in his account on the evening of January 27. (Hint: For a₁ = 15,000, the amount remaining 26 days later will be what term of the sequence?)

• A) $12,700
• B) $12,600
• C) $12500
• D) $12,400

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Definitions:

Limited Partners

Investors in a partnership who have limited liability to the extent of their investment and do not participate in day-to-day management.

LLLPs

Limited Liability Limited Partnerships, a form of partnership that provides limited liability to all its partners, not just the general ones.

Limited Partner

A limited partner is an investor in a partnership who is not involved in the day-to-day management and whose liability is limited to the amount invested in the business.

LLLP

A Limited Liability Limited Partnership (LLLP) is a form of partnership that provides limited liability to all its partners, combining characteristics of limited partnerships and limited liability partnerships.