A Single Deposit of $25,000 Is Made into an Account

question 87

Multiple Choice

A single deposit of $25,000 is made into an account that earns interest at j₄ = 7% for one year,j₂ = 6% for the next year and j₆ = 3% thereafter.How much interest is earned in the fourth year?

• A)$143.93
• B)$863.58
• C)$889.82
• D)$916.85

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Definitions:

Immigrant Families

Households that have relocated from one country to another, often facing unique challenges such as integration, language barriers, and cultural adaptation.

Working-Class Life

The everyday experiences, culture, and socio-economic conditions of individuals and families in the working class.

Immigrant Enclaves

Neighborhoods or areas densely populated by immigrants of similar cultural or national backgrounds, where they maintain cultural practices.

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Intended for or restricted to the use of a particular group or class of people; not shared with others.