How Much More Interest Will Be Earned If $7,000 Is

question 320

Multiple Choice

How much more interest will be earned if $7,000 is invested for 9 years at an annual rate of 9% compounded continuously,instead of at 9% compounded quarterly? Round your answer to the nearest cent.

• A) $47.49
• B) $93.15
• C) $140.64
• D) $2,924.71
• E) $3,017.87

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Definitions:

North

A geographical and cultural region, often referred to in the context of the division between the Northern and Southern United States before and during the Civil War.

New South

Atlanta Constitution editor Henry W. Grady’s 1886 term for the prosperous post–Civil War South he envisioned: democratic, industrial, urban, and free of nostalgia for the defeated plantation South.

Industrial Expansion

Industrial expansion denotes the widespread increase in production and distribution of goods due to advancements in technology, transportation, and communication, transforming economies and societies in the process.

Agricultural Diversification

The practice of growing a variety of crops or raising different types of livestock on a farm to reduce risk and increase sustainability.