A Savings Account Paying 3% Continuously Compounded Interest Has $1600

question 64

Multiple Choice

A savings account paying 3% continuously compounded interest has $1600 after 8 years. How much was initially deposited?

• A) $1020
• B) $1159
• C) $1259
• D) $630

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Definitions:

Coping Mechanisms

Strategies or behaviors employed by individuals to manage stress, problems, or difficult emotions.

Eliminating Stress

The process of reducing or removing factors that cause mental, emotional, or physical strain.

Lifestyle Adjustment

Changes made to one's way of living to improve personal well-being, adapt to new circumstances, or achieve specific goals.

Attitude Adjustment

The process of changing one’s mindset or perspective, often to become more positive or receptive to new ideas.