Anne Plans to Save $40 a Week, Starting Next Week

question 13

Multiple Choice

Anne plans to save $40 a week, starting next week, for ten years and earn a rate of return of 4.6 percent, compounded weekly.After the ten years, she will discontinue saving and invest her account at 6.5 percent, compounded annually.How long from now will it be before she has accumulated a total of $50,000?

• A)10.32 years
• B)21.14 years
• C)15.08 years
• D)11.14 years
• E)20.32 years

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Definitions:

Gibbons v. Ogden

A landmark Supreme Court case in 1824 that clarified the scope of the U.S. Congress's legislative power over interstate commerce.

Judicial Review

The power of courts to assess whether a law, policy, or executive action is in conflict with the Constitution.

Printz v. United States

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Brady Handgun Violence Prevention Act

A U.S. federal law that mandated federal background checks on firearm purchasers in the United States, and imposed a five-day waiting period on purchases, until the NICS system was implemented in 1998.