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:

Purchasing Power

The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy.

Unemployment

The total number of people over 16 who are ready, willing, and able to work, who have been unsuccessfully seeking employment.

Closed Shop Agreement

A labor agreement requiring employees to be members of a specific union as a condition of being hired and to remain in the union for the duration of their employment.

Wages

Compensation provided to employees for their work, usually determined on the basis of hours, days, or the amount of work completed.