2014 June(72C) Math Question 24

Word Problems

- % Interest

24. Sara and Behzad are saving to make a down payment on a house. With an initial deposit of $8,000, they have opened an account that compounds interest at an annual rate of 2.1%. Assuming that Sara and Behzad make no additional deposits or withdrawals, which of the following expressions gives the dollar value of the account 4 years after the initial deposit? (Note: For an account with an initial deposit of P dollars that compounds interest at an annual rate of r%, the value of the account t years after the initial deposit is P(1 + 00) dollars.)

Choice F

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