If You Put $600 in a Savings Account That Yields

question 72

Multiple Choice

If you put $600 in a savings account that yields an 8% rate of interest compounded weekly,what will the investment be worth in 37 weeks (round to the nearest dollar) ?

• A)$648
• B)$635
• C)$634
• D)$645

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Definitions:

Current Period

Refers to the specific time frame, such as a month, quarter, or year, currently under consideration or analysis.

Goodwill

An intangible asset that arises when a company acquires another company for a price higher than the fair market value of its net identifiable assets.

Accelerated Depreciation

A method of depreciation that allocates larger depreciation charges to the earlier years of an asset’s life and smaller charges to later years.

Depletion

An accounting method used to allocate the cost of extracting natural resources over their productive life.