T2-22 Multiple Choice A. Samantha deposited more than $5,600 this morning. B. Th

Question

T2-22 Multiple Choice

A. Samantha deposited more than $5,600 this morning.
B. The present value of Samantha's account is $5,600.
C. Samantha will earn an equal amount of interest every year for the next five years.
D. Samantha could deposit less money and still have $5,600 in five years if she earns 6% interest.
E. Samantha could deposit less money and still have $5,600 in five years if she earns 4% interest.

Samantha opened a savings account this morning. Her money will earn 5% interest, compounded annually. After five years, her savings account will be worth $5,600. Assume she will not make any withdrawals. Given this, which one of the following statements is true?

Explanation / Answer

Samantha opened a savings account this morning. Her money will earn 5% interest, compounded annually. After five years, her savings account will be worth $5,600. Assuming she will not make any withdrawals. following statements is true =

ANSWER = D) Samantha could deposit less money and still have $5,600 in five years if she earns 6% interest.

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