To Determine the Amount to Be Deposited in a Bank

question 11

Multiple Choice

To determine the amount to be deposited in a bank today to grow to $5,000 three years from now at 7%,which table should be used?

• A)Present value of 1.
• B)Future value of 1.
• C)Present value of an annuity.
• D)No table is required;just multiply $5,000 by 1.07.

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Definitions:

Due Process of Law

The legal requirement that the state must respect all legal rights owed to a person, ensuring fairness in legal proceedings.

Writ of Habeas Corpus

A legal order requiring a person under arrest to be brought before a judge or into court, ensuring protection against illegal detention.

Legal Warrant

A legal document issued by a court or magisterial authority permitting law enforcement to perform an action that would otherwise be prohibited, such as searching a premise.

Civil Law

A legal system that deals with disputes between private parties, encompassing laws such as contracts, property, and family law.