(Advanced Analysis) Alex Wants to Have $800 Saved Up at the End

question 109

Multiple Choice

(Advanced analysis) Alex wants to have $800 saved up at the end of 10 years. If he deposits $500 today, what annually compounded rate of interest would he have to earn to reach his goal?

• A) 4.8 percent
• B) 5.2 percent
• C) 5.7 percent
• D) 6.2 percent

---

Definitions:

Identify Objects

The process of defining and recognizing distinct entities or instances in programming or analysis that have specific attributes and behaviors.

Problem Solving

The process of finding solutions to difficult or complex issues by applying logical, analytical, or creative thinking.

JTextFields

A Java Swing component that allows for the editing of a single line of text; part of the Java Foundation Classes (JFC).

Input

Data or information that is provided to a program so it can process it and produce output.