You Are Saving for a Car and Have Decided You

question 23

Essay

You are saving for a car and have decided you can afford to deposit $5,000 into a savings account at the end of each of the next five years,at which point you will withdraw the money to purchase the car.You can deposit the money in a savings account that earns 8% interest with no annual fee,or you can choose a savings account that earns 10% interest,but has an annual fee of $100.00 that would come out of your deposits.
a.If you choose the free savings account,how much money will you be able to withdraw five years from now?
b.If you choose the savings account with a fee,how much money will you be able to withdraw five years from now?
c.Which option would be best for you financially?

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Definitions:

Facial Expressions

Visible changes in the face that convey emotions, intentions, or social information to others.

Emotions

Complex psychological states that involve three distinct components: a subjective experience, a physiological response, and a behavioral or expressive response.

William James

William James was an influential American psychologist and philosopher known for his contributions to functionalism and pragmatism, as well as his work on the psychology of habit.

Body Reacts

Refers to physiological responses of the body to various stimuli, including stress, excitement, or illness, involving processes such as heart rate, hormone release, and muscle tension.