Suppose You Put $500 into a Bank Account Today

question 177

Multiple Choice

Suppose you put $500 into a bank account today.Interest is paid annually and the annual interest rate is 8 percent.The future value of the $500 after 2 years is

• A)$428.67.
• B)$470.00.
• C)$580.00.
• D)$583.20.

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Definitions:

Iodine

A chemical element necessary for thyroid hormone production, often found in iodized salt, seafood, and dairy products.

Blood Clotting

A process where blood changes from a liquid to a gel, forming a clot to prevent excessive bleeding when the vascular system is injured.

Vitamin K

A fat-soluble vitamin important for blood clotting and bone health.

Beriberi

A disease caused by a vitamin B1 (thiamine) deficiency, leading to weakness, nerve damage, and heart failure.