Starting One Month from Now,you Would Like to Withdraw $200

question 92

Multiple Choice

Starting one month from now,you would like to withdraw $200 per month from your bank account to pay for your university education.You expect the education (and the withdrawals) to last for the next four years.If the account pays 0.3% interest per month,how much money must you have in your bank account today to support your future needs?

• A) $8,928.37
• B) $7,157.02
• C) $6,711.11
• D) $8,794.50
• E) $7,263.00

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Definitions:

Hull-Spence Model

a theory combining Hull's drive reduction theory and Spence's learned motivation theory, focusing on how reinforcers and cues control behavior.

Noncontinuity View

A perspective that suggests changes or phenomena occur in discrete steps or stages rather than gradually.

Continuity View

The perspective that development is a gradual, continuous process, without sudden changes or distinct stages.

Krechevsky

Ivan Krechevsky was a psychologist who conducted research on animal behavior and learning, known for exploring concepts of hypothesis behavior in rats during problem-solving tasks.