Betty Boop Has Saved Enough Money to Go Back to Grad

question 45

Multiple Choice

Betty Boop has saved enough money to go back to grad school. She is planning to put the money in a money market account where it will earn 2.5 percent. If she anticipates slowly drawing the money out over the course of her time in grad school at a constant rate of $29,000 per year, but is charged a commission of $7.95 every time she sells shares, how much should she take out of the mutual fund at a time?

• A) $4,589.52
• B) $4,437.04
• C) $4,294.65
• D) $4,101.83

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Definitions:

Adenosine

A nucleoside that plays a role in biochemical processes, such as energy transfer and signal transduction in the form of ATP and cAMP.

Chemical Induction

The initiation or increase of a process or action in a biological system by a chemical substance.

RAS

Stands for Reticular Activating System, a network of neurons located in the brainstem that is responsible for regulating wakefulness and sleep-wake transitions.

Neurons

Nerve cells that are the basic structural and functional units of the nervous system, responsible for transmitting messages throughout the body.