If $10,000 Is Invested Annually in an Account with 7

question 15

Multiple Choice

If $10,000 is invested annually in an account with 7% interest compounded yearly,what will the balance of the account be after six years? Refer to the following Future Value table: Future value of annuity of $1:

• A)$79,050
• B)$71,530
• C)$18,020
• D)$83,290

---

Definitions:

Elasticity of Labor Supply

A measure of how the quantity of labor supplied changes in response to changes in wages or salaries.

Payroll Tax

A levy placed on either employees or employers, typically determined as a fraction of the wages employers distribute to their workers.

Elasticity of Labor Supply

The responsiveness of workers to change their supply of labor (hours worked) in reaction to changes in wage rates.

Payroll Tax

Tariffs levied on employers and employees alike, generally calculated by a fraction of the workers' salaries.