You Are Saving for a Car That You Plan to Purchase

question 31

Multiple Choice

You are saving for a car that you plan to purchase in five years.You plan to put $3,000 in savings (which earns 8%,compounded annually) at the end of each year until then.How much will you have saved for the car at the end of the five years? (Future Value of $1,Present Value of $1,Future Value Annuity of $1,Present Value Annuity of $1. ) (Use appropriate factor from the PV tables.Round your final answer to the nearest dollar amount. )

• A)$15,000
• B)$16,200
• C)$17,600
• D)$22,040

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Definitions:

Canned Vegetables

Vegetables that have been preserved by sealing in a can or jar with a liquid (often water, brine, or sauce) and undergoing a heat process to ensure safety and longevity.

Fresh Vegetables

Vegetables that are consumed in their natural, unprocessed form, often characterized by their crispness and full flavor.

Skipping Breakfast

The habit of not consuming the first meal of the day, which can affect energy levels and metabolic health.

Manage Weight

Efforts and practices aimed at maintaining a healthy body weight through diet, exercise, and lifestyle choices.