A $10,000 Deposit Along with Quarterly Contributions of $150 Accumulates

question 225

Multiple Choice

A $10,000 deposit along with quarterly contributions of $150 accumulates to $18,000 in 5 years. Determine the nominal rate of interest if interest is compounded annually.

• A) 7.58%
• B) 8.58%
• C) 9.68%
• D) 10.28%
• E) 13.28%

---

Definitions:

Colon

A Colon is a punctuation mark used to introduce a list, explanation, or after a salutation in formal correspondence.

Column Border

A feature in spreadsheet and word processing applications that allows users to define the boundary lines of columns.

Column

A vertical division in a table or spreadsheet, representing a specific category of data.

Insert Rows

an action in spreadsheet and table editing that adds new rows to accommodate additional data.