Since Your First Birthday, Your Grandparents Have Been Depositing $100

question 51

Multiple Choice

Since your first birthday, your grandparents have been depositing $100 into a savings account every month. The account pays 9% 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) $32,181
• B) $53,635
• C) $64,362
• D) $75,089

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Definitions:

State Income Taxes

Taxes levied by individual states on the income of residents and businesses within their jurisdiction.

CDs

Short for Compact Discs, a digital optical disc data storage format used to store music, data, or software.

Federally Insured

Protection or guarantee by the federal government for deposits in banks or investments, safeguarding against loss.

Secured Bonds

Secured Bonds are debt securities backed by collateral to reduce the risk associated with lending, enhancing the bondholder’s security.