The Initial Investment in a Savings Account in Which Interest

question 12

Multiple Choice

The initial investment in a savings account in which interest is compounded continuously is $604. If the time required to double the amount is years, what is the amount after 15 years? Round your answer to the nearest cent.

• A) $1,917.58
• B) $1,804.46
• C) $1,907.37
• D) $1,404.46
• E) $8,278.18

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Definitions:

Bargaining Unit

A group of employees with a clear and identifiable community of interest who are represented by a single labor union in collective bargaining.

Public Sector

The part of the economy that is controlled by the government including services such as education, healthcare, and law enforcement.

Private Sector

The part of the economy owned and operated by individuals and companies for profit, as opposed to the public sector operated by the government.

Picketing

The act of demonstrating or protesting, often by workers, outside a place of employment to voice grievances or demands.