Felix Deposited $500 into an Account Two Years Ago

question 99

Multiple Choice

Felix deposited $500 into an account two years ago.The first year he earned 3 percent interest and the second year he earned 5 percent interest.How much money does Felix have in his account now?

• A)$540.75
• B)$540.80
• C)$540.85
• D)None of the above are correct to the nearest cent.

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Definitions:

Straight Line Depreciation

A method of allocating the cost of a tangible asset over its useful life in equal annual amounts.

Net Income

The total profit or earnings after all expenses and taxes have been deducted from revenue.

Manufacturing Overhead

Indirect costs associated with manufacturing that are not directly allocable to specific units produced, including maintenance, supplies, and depreciation.