At the End of Each Quarter,Patti Deposits $500 into an Account

question 55

Multiple Choice

At the end of each quarter,Patti deposits $500 into an account that pays 12% interest compounded quarterly.How much will Patti have in the account in three years?

• A)$7,096.
• B)$7,013.
• C)$7,129.
• D)$8,880.

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Definitions:

Premium

The amount paid for an insurance policy, or the difference between the higher price paid for a fixed-income security above its face value.

Insurance Companies

Organizations that provide risk management by compensating for financial losses in exchange for premium payments.

Private Information

Information that is not publicly available and may give an individual or business a competitive advantage.

Hidden Problems

Issues or complications within a system or product that are not immediately obvious or visible.