Determine the Future Value of an Initial Deposit of $4,000

question 231

Multiple Choice

Determine the future value of an initial deposit of $4,000 and semi-annual contributions of $250 for the 3 years at a 6.3% rate of interest compounded monthly and then another lump sum deposit of $10,000 at the end of year 3 along with $375 quarterly deposits for 2 years at a rate of 5.4% interest compounded semi-annually.

• A) $20,321.09
• B) $20,935.64
• C) $21,449.71
• D) $22,051.87
• E) $22,684.35

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Definitions:

Abstract Ideas

Thoughts or concepts that do not have physical or concrete existence but exist as mental representations.

Material Objects

Physical items or possessions that can be seen, touched, and owned, often used to denote wealth, status, or personal preference.

Ideology Component

Refers to the discrete elements that make up a broader ideology, influencing beliefs and perspectives.

Interrelated Functions

Interrelated functions describe how different processes or activities are connected and influence each other within a system, ensuring its proper operation or achieving a common goal.