Skip to content
free
K
1
2
practice
Home
Math
English
Science
Social Studies
Contact
Language
English
Español
Sign In
/
College Test Prep
/
CLEP
/
Solve Integrated Simple- and Compound-Interest Applications
Grade Level
CLEP
CLEPCM.230 Solve Integrated Simple- and Compound-Interest Applications
0%
Skill Level
🔴 Hard
00:00
Progress to Next Level
25% to Medium
Easy
Medium
Hard
Mastery
100%
A student computes $2,400 at 6% compounded quarterly for 2 years as 2400(1 + 0.06/4)
2
. What correction gives the correct balance?
A
Use exponent 2; the balance is $2,472.54.
B
Use annual compounding; the balance is $2,696.64.
C
Use simple interest; the balance is $2,688.00.
D
Use exponent 8; the balance is $2,703.58.
Submit Answer
