A Lump Sum Deposit of $8,000 Left in the Bank

question 51

Multiple Choice

A lump sum deposit of $8,000 left in the bank for 12 years at 9% compounded annually will result in an ending balance of (select the closest answer)

• A)$11,600.
• B)$16,640.
• C)$22,500.
• D)$52,938.
• E)$96,000.

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Definitions:

Prolonged Illness

A health condition that persists for an extended period of time, often requiring ongoing medical attention or therapy.

Sullen

Characterizes an individual showing irritation or bad temper through gloomy silence or reserve, often indicative of moodiness or dissatisfaction.

Arrested

The act of law enforcement taking a person into custody, usually because there is reason to believe they have committed a crime.

Awaiting Trial

The status of a person who has been charged with a crime and is awaiting the commencement of their trial.