Multi-Year Future Value How Much Would Be in Your Savings

question 109

Multiple Choice

Multi-Year Future Value How much would be in your savings account in 10 years after depositing $50 today if the bank pays 7 percent interest per year?

• A)$35.00
• B)$98.36
• C)$535.00
• D)$690.82

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Definitions:

Rescission

The revocation of a contract or agreement.

Damages

Monetary compensation required to be paid as a result of loss or injury due to a breach of contract or a tort.

Standard Form Contract

A pre-prepared contract where most terms are set in advance with little or no negotiation between parties, typically favoring the drafter of the contract.

Sale of Goods Act

A legal statute that governs the sale and purchase of goods, ensuring certain standards and rights in transactions.