Chris Mann Will Deposit $22,400 into an Account Today That

question 41

Multiple Choice

Chris Mann will deposit $22,400 into an account today that earns 10% per year compounded annually.Using the following factors,what is the amount that will be in the account at the end of the 5 years?

• A) $36,075
• B) $13,909
• C) $27,351
• D) $18,681

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Definitions:

Secretary of State

A high-ranking government official responsible for foreign affairs, typically in the United States or similar systems of government.

Marshall Plan

An American initiative passed in 1948 to aid Western Europe, in which over $12 billion was given to help rebuild Western European economies after the end of World War II.

Stalin

Joseph Stalin was the dictator of the Soviet Union from the late 1920s until his death in 1953, known for his totalitarian regime, the implementation of the Five-Year Plans, the Great Purge, and his role in World War II.

European Union

A political and economic union of 27 European countries that are tied by a single market, common trade policy, and others, aiming for cooperation in various domains.