Suppose You Deposited $27,000 in a Bank Account That Pays

question 18

Multiple Choice

Suppose you deposited $27,000 in a bank account that pays 5.25% with daily compounding based on a 360-day year.How much would be in the account after 8 months,assuming each month has 30 days?

• A) $34,952.08
• B) $30,478.21
• C) $27,961.66
• D) $30,198.59
• E) $29,918.98

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Definitions:

Jefferson Davis

The President of the Confederate States of America during the American Civil War from 1861 to 1865.

Centralization

The concentration of administrative power and decision-making authority in a central location or governing body.

Industrialize

The process by which an economy is transformed from primarily agricultural to one based on the manufacturing of goods, involving mechanization and an increase in production capacity.

Northern Iron Works

Historic foundries in the Northern United States, significant for their role in the industrialization era.