How Long Will It Take for Quarterly Deposits of $425

question 83

Multiple Choice

How long will it take for quarterly deposits of $425 to accumulate to be $16440 at an interest rate of 8.48% compounded quarterly? (Final answer in years and months e.g., 7 years and 4.24 months)

• A) 7 years 1.64 months
• B) 7 years .136 months
• C) 7 years 6.14 months
• D) 28 years .55 months
• E) 28 years .64 months

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Definitions:

Balance Errors

Mistakes in the accounting process that lead to discrepancies in the trial balance, often requiring adjustments to correct.

Trial Balance

A financial document showing the amounts held in each of a company's main accounting records at a certain date.

Chart of Accounts

A systematic list of all ledger account titles and numbers used by a company, organized to support the compilation of financial statements.

Miscellaneous Expense

Small and infrequent costs that do not fit into other specific expense categories in a company's financial statements.