You Want to Have $32,000 for a Down Payment on a House

question 30

Multiple Choice

You want to have $32,000 for a down payment on a house 5 years from now.If you can earn 4.3 percent, compounded annually on your savings, how much do you need to deposit today to reach your goal?

• A)$25,925.58
• B)$28,179.77
• C)$21,639.73
• D)$21,970.21
• E)$24,625.44

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Definitions:

Common Traits

Traits possessed in some degree by all persons.

Culture

The shared values, traditions, norms, customs, arts, history, folklore, and institutions of a group of people that are passed through generations.

Freudian Slips

Unintentional errors in speech or memory believed to reveal subconscious thoughts or desires, according to Freudian psychoanalytic theory.

Expressive Behavior

Actions or emotional expressions that convey an individual's feelings or emotional state to others.