Since Your First Birthday, Your Grandparents Have Been Depositing $1200

question 56

Multiple Choice

Since your first birthday, your grandparents have been depositing $1200 into a savings account on every one of your birthdays. The account pays 6% interest annually. Immediately after your grandparents make the deposit on your 18th birthday, the amount of money in your savings account will be closest to ________.

• A) $37,086.78
• B) $22,252.07
• C) $44,504.14
• D) $51,921.49

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Definitions:

Profit Center

A business unit or division that is responsible for generating its own revenue and profit, often evaluated independently of other units.

Controllable Costs

Costs that can be influenced or managed by decisions made by a specific level of management or segment of a business.

Indirect Expenses

Costs that are not directly linked to a specific product or service, such as utilities and administrative salaries.

Cost Center

A division or a department within an organization that does not directly contribute to profit but incurs costs.