Deposits of $1000 Are Made at the End of Every

question 49

Multiple Choice

Deposits of $1000 are made at the end of every half year into a fund earning interest at j₁ = 10%.The fund credits simple interest for any fractional part of an interest period.How much is in the fund at the end of 10 years?

• A)$31,874.80
• B)$32,652.74
• C)$32,671.72
• D)$33,468.54

---

Definitions:

Additional Sums

Extra amounts of money required or due on top of the originally agreed upon or standard payment.

Duress

A situation in which a person performs an act as a result of violence, threat, or other pressure against the person.

Unduly Influenced

When a person is unfairly persuaded by another, often in a manner that compromises their ability to make free and informed decisions.

Fraudulent Misrepresentation

The act of intentionally deceiving another party with false statements or representations that lead to harm or loss.