Jessica Deposits Her $2,500 Bonus Cheque into the Bank at the End

question 56

Multiple Choice

Jessica deposits her $2,500 bonus cheque into the bank at the end of 2015.At the end of 2016,she deposits another bonus cheque,which is double the amount of last year's cheque.Given that the interest rate is 5%,what is the total future value of these two bonuses at the end of 2017?

• A)$7625
• B)$8406.56
• C)$7875
• D)$7,500
• E)$8,006.25

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Definitions:

Canadian

Pertaining to Canada or its people, culture, and characteristics.

Credential Inflation

Occurs when, over time, qualifying for specific jobs requires ever more certificates or degrees.

Educational Achievement

Refers to the measurable performance outcomes that indicate the extent of learning and understanding that a person has achieved in an academic setting.

Occupation

A person's regular work or profession; job or principal activity.