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Solve the Problem $100\$ 100 Into an Account That Pays 4%4 \%

Question 11

Multiple Choice

Solve the problem.
-At the end of every 3 months, Teresa deposits $100\$ 100 into an account that pays 4%4 \% compounded quarterly. After 4 years, she puts the accumulated amount into a certificate of deposit paying 7.5%7.5 \% compounded semiannually for 1 year. When this certificate matures, how much will Teresa have accumulated?


A) $1788.80\$ 1788.80
B) $1857.65\$ 1857.65
C) $1994.36\$ 1994.36
D) $1848.71\$ 1848.71

Correct Answer:

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