Bob Wants to Save for a House Downpayment by Making,on

question 162

Multiple Choice

Bob wants to save for a house downpayment by making,on a first day of every month,deposits of $ 500 into an account earning 0.5% monthly compound interest.If the first deposit is made on January 1,2017,find the approximate value in Bob's account on December 31,2022.

• A) $ 2,625
• B) $ 35,059
• C) $ 30,143
• D) $ 34,885

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Definitions:

Possible

That which can be done or achieved, within the realm of reality or probability.

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An equation between two variables that produces a straight line when plotted on a graph.

Linear Equation

An equation that makes a straight line when plotted on a graph, typically of the form \(ax + by = c\).

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