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A person deposits 300 in an account paying 5% a year. After one year they have:
A305
B350
C360
D315
Answer & Solution
Correct answer: D. 315
1. Five per cent of 300 is 15.
2. Add it to the deposit.
3. They have 315.
_Source: OpenStax Principles of Finance 2e, Chapter 7, Time Value of Money I._
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