What Is the Total Increase in the 71^st Monthly Deposit

question 33

Multiple Choice

What is the total increase in the 71^st monthly deposit interval of a sinking fund that is for 14 years and the sinking fund earn 4.8% compounded monthly? The original principal was $250000.

• A)$1883.94
• B)$1383.94
• C)$1333.94
• D)$1888.94
• E)$1880.94

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Definitions:

Price Inelastic

A situation where the demand or supply for a product does not change significantly when its price changes.

Good X

A placeholder term used in economics to represent a specific product or commodity in theoretical discussions.

Midpoint Method

A technique used in economics to calculate the elasticity of demand or supply by using the midpoint between two points on a curve instead of relying on the initial or final point alone.

Price Elasticity

An indicator of the degree to which the demand for a product reacts to shifts in its price, showing how susceptible demand is to price fluctuations.