If $100 Is Placed in an Account That Earns a Simple

question 19

Multiple Choice

If $100 is placed in an account that earns a simple 4 percent,compounded quarterly,what will it be worth in 5 years?

• A) $122.02
• B) $105.10
• C) $135.41
• D) $120.90
• E) $117.48

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Definitions:

Supremacy Clause

A provision in the U.S. Constitution stating that federal law takes precedence over state laws.

Supreme Law

The highest form of law in a legal system, to which all other laws must conform; in the United States, this refers to the U.S. Constitution.

Checks and Balances

A system in government designed to prevent any single branch from gaining too much power, allowing each branch to limit or check the powers of the others.

Legislative Branch

The part of the government responsible for creating laws, consisting of elected representatives in many countries.