If Deposits of $9,900 Invested at the End of Every

question 135

Multiple Choice

If deposits of $9,900 invested at the end of every six months earn 13% compounded quarterly, how long will it take to accumulate $295,000?

• A) 4.25 years
• B) 8.5 years
• C) 17.0 years
• D) 34.0 years
• E) 68.0 years

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Definitions:

Coinsurance Clause

A provision in an insurance policy that determines the percentage of the cost a policyholder is responsible for after the deductible is met.

Insurance Coverage

The amount and type of protection provided by an insurance policy against various risks or damages.

Coinsurance Clause

A provision in insurance policies requiring the policyholder to bear a portion of the costs of a claim, promoting shared risk.

Fire Damages

Destruction or damage inflicted to property, goods, or assets due to fire.