If Delores Wanted to Make Sure That She Had $3,000

question 195

Multiple Choice

If Delores wanted to make sure that she had $3,000 a year from now, how much would she need to save now if the interest rate is 7 percent?

• A) $3000
• B) $2804
• C) $2790
• D) $2666

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, expressed as a percentage.

Demand Function

A mathematical representation that describes the quantity of a good or service consumers are willing and able to purchase at various prices.

Tickets

Documents that grant the holder the right to enter an event, travel on a vehicle, or participate in an activity.

Price Elasticity

Measures the responsiveness of quantity demanded or supplied of a good to a change in its price, with elasticity types including elastic, inelastic, and unitary.