Eight Years Ago, $2000 Was Deposited in a Savings Account

question 73

Multiple Choice

Eight years ago, $2000 was deposited in a savings account paying 3% interest compounded continuously. Three years ago, $500 was withdrawn from the account. What is the current value of the account?

• A) $4319.08
• B) $2042.50
• C) $3964.93
• D) $1995.41

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Definitions:

Commercial Activities

Business operations or transactions aimed at generating profit, including goods or services provided to consumers.

Zoning Ordinances

Local government laws that dictate how property in specific geographic zones can be used.

Eminent Domain

The right of a government to seize private property for public use, with fair compensation to the owner.

Real Property

A category of property that includes land and anything permanently attached to the land, like buildings or homes.