If $600 Is Invested At $4 \%$ Interest, Compounded Annually, Then After N Years the Investment Is

question 59

Multiple Choice

If $600 is invested at $4 \%$ interest, compounded annually, then after n years the investment is worth $a _ { n } = 600 ( 1.04 ) ^ { n }$ dollars. Find the size of investment after 7 years.

• A) $430.21
• B) $1,860.81
• C) $1,230.81
• D) $789.56
• E) $1,321.06

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Definitions:

Modernization Theory

A theory suggesting that traditional societies will develop economically and socially to become more 'modern', following the patterns of Western societies.

Technological Change

The process by which new technologies are developed and introduced into society, influencing various aspects of life.

Dependency Theory

A theory suggesting that the economic conditions of wealthier nations are directly linked to the poverty of less developed nations, due to an unequal global system that benefits rich countries at the expense of poorer ones.

Economic Success

The achievement of financial goals and stability, often measured by factors such as income, wealth accumulation, and employment status.