How Much Would You Need to Deposit in a Savings

question 53

Multiple Choice

How much would you need to deposit in a savings account that earns 7%, compounded annually, to withdraw $20,000 eight years from now?

• A) $11,640
• B) $18,600
• C) $18,692
• D) $34,364

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Definitions:

Glass Ceiling

An invisible barrier that prevents women and minorities from advancing to the highest levels of the corporate ladder, regardless of qualifications or achievements.

Discrimination

The unfair treatment of individuals based on their race, age, sex, nationality, or other characteristics.

Reluctant

Feeling or showing aversion, hesitation, or unwillingness.

Workforce Diversity

The range of differences among individuals in an organization, including but not limited to race, gender, age, national origin, disability, and sexual orientation.