Bradley Snapp Has Deposited $7,000 in a Guaranteed Investment Account

question 51

Multiple Choice

Bradley Snapp has deposited $7,000 in a guaranteed investment account with a promised rate of 6% compounded annually.He plans to leave it there for 4 full years when he will make a down payment on a car after graduation.How much of a down payment will he be able to make?

• A)$1,960.00
• B)$2,175.57
• C)$8,960.00
• D)$8,837.34
• E)$9,175.57

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Definitions:

Administrative Account

A user account with elevated permissions to manage settings, install software, and perform tasks that affect other users on the system.

System Settings

A section within a computer or application where users can modify preferences and configurations.

Administrator

A user role with extensive permissions to manage and configure software systems or networks.

Local Account

An account that is created and managed on a specific device, allowing access to that device's resources and applications, without requiring online verification or connection to a network domain.