If You Put $510 in a Savings Account at the Beginning

question 30

Multiple Choice

If you put $510 in a savings account at the beginning of each year for 30 years, how much money will be in the account at the end of the 30th year? Assume that the account earns 5%, and round to the nearest $100.

• A) $33,300
• B) $32,300
• C) $33,900
• D) None of the above

---

Definitions:

Business Activity

Any action undertaken by individuals or companies, such as buying, selling, marketing, or production, aimed at generating income.

Marketing

Marketing encompasses the strategies and tactics companies use to identify, engage, and satisfy customers' needs and wants, thereby generating sales and fostering brand loyalty.

Separate Legal Entity

A business structure that is legally distinct from its owners, allowing it to own assets, incur liability, and conduct business in its own name.

Corporation

A legal entity formed by individuals, shareholders, or shareholders, recognized as separate from its owners with its own rights and liabilities.