You Have Deposited $1,500 in an Account That Promises to Pay

question 45

Multiple Choice

You have deposited $1,500 in an account that promises to pay 8% compounded quarterly for the next five years. How much will you have in the account at the end?

• A) $1,598.33
• B) $2,228.92
• C) $2,203.99
• D) $6,991.44

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Definitions:

Unit of Measurement

A definite magnitude of a quantity, defined and adopted by convention or by law, that is used as a standard for measurement of the same quantity.

Modality

The number of peaks or high points in the frequency distribution of a dataset.

Variability

The degree to which data points in a distribution or set diverge from the central value (mean or median), indicating how spread out the data are.

Symmetry

The property where an object or design is balanced and proportionate, often mirroring one side to another.