Use This Information to Answer the Following Question

question 74

Multiple Choice

Use this information to answer the following question.
-What amount must be deposited today to grow to $900 in three years,assuming an APR of 7 percent?

• A)$662.00
• B)$734.40
• C)$342.98
• D)$841.50

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Definitions:

Holder In Due Course

A legal term for someone who has acquired a negotiable instrument in good faith for value and without notice of any defect.

Negligent

The failure to exercise the care that a reasonably prudent person would exercise in similar circumstances, resulting in harm or damage.

Dishonored Checks

Checks that a bank refuses to pay or cash, typically because the account holder has insufficient funds.

Dishonor

In the context of finance, refers to the refusal or inability of a party to pay a debt when it is due.