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John had reimbursable health care expenses of $100 per week for the first 50 weeks of...

John had reimbursable health care expenses of $100 per week for the first 50 weeks of the year. John sent in claim forms for all of his reimbursable expenses in bulk at the end of the 50th week and received payment at the end of the 51st week, which he deposited in his account on the same day that he received it. Assume the annual effective rate of interest is 10.95%.

Determine the difference between the amount actually accumulated in his savings account at year-end and the amount that could have been accumulated if he had sent in his claim forms at the end of each week and received payment at the end of the following week.

A. < $230

B. >= $230 but < $240

C. >= $240 but < $250

D. >= $250 but < $260

E. >= $260

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jeff jeffy answered 1 year ago
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