Open-ended credit is credit for which debtors are given a specified amount of credit to purchase specific consumer goods and intangible goods.

False

Explanation:

Open-ended credit does not work by specified borrowing amounts given to a debtor to purchase specific goods.

Rather it works by giving the debtor a limit on the amount they can borrow and they are allowed to borrow whatever amount they want within that limit.

The credit described in the question is a close-ended credit.

the investment was $14,174.196

explanation:

a lump sum means that the father of the example made one deposit and leave it be.

we need to know the value of a capital that generated at 4.05% per year during 28 years the sum of $48,613.24

now clearing the formula to solve for capital we got:

and we reach the answer investment = $14,174.20

wheres the chart? so i can answer.