John and Rosamond Want to Retire in 6 Years and Can

question 47

Multiple Choice

John and Rosamond want to retire in 6 years and can save $190 every three months. They plan to deposit the money at the end of each quarter into an account paying 6.48% compounded quarterly. How much will they have at the end of 6 years? ​

• A) $5,519.62
• B) $4,951.94
• C) $4,126.48
• D) $4,141.21
• E) $6,545.91

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Definitions:

Household Use

Refers to items or services intended for consumption, service, or use within a domestic environment.

Debts

Money owed by one party to another, typically as a result of borrowing funds or purchasing goods/services on credit.

Bankruptcy Code

The body of laws and provisions governing the process of bankruptcy, allowing individuals or entities to eliminate or repay their debts under the protection of the bankruptcy court.

Means Test

A method used to determine an individual's eligibility for certain types of financial assistance or legal aid, based on their income and assets.