If You Receive $20,000 as a Gift and Invest It

question 15

Multiple Choice

If you receive $20,000 as a gift and invest it at 12% compounded quarterly,how much will you have at the end of three years?

• A)$32,020.60.
• B)$28,515.20.
• C)$22,497.20.
• D)$14,027.60.

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Definitions:

\(- 1\)

A numeric value that is one less than zero, often representing the inverse of a quantity.

\(n + 7\)

An algebraic expression representing the sum of an unknown quantity \(n\) and the number 7.

\(n + 8\)

An algebraic expression representing the sum of a variable n and the number 8.

\(n !\)

\(n !\), pronounced n factorial, is the product of all positive integers less than or equal to n. For instance, \(4! = 4 \times 3 \times 2 \times 1 = 24\).