How Much Would Kristen Have to Deposit in the Bank

question 58

Multiple Choice

How much would Kristen have to deposit in the bank at the end of each of the next five years if she wishes to have $5,000 in the bank at the end of that time period, assuming she will be earning 6% annual rate of return? (Round to the nearest dollar) .

• A) $1,000
• B) $1,187
• C) $943
• D) $887

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Definitions:

Poverty

A socioeconomic condition characterized by a severe lack of financial resources or means of subsistence, leading to inability to meet basic needs like food, shelter, and clothing.

Policy Initiative

A strategic action plan developed to tackle specific public issues, often proposed or implemented by governments or organizations.

Social Support Programs

Government or private programs designed to provide assistance and support to individuals in need, including healthcare, education, housing, and financial aid.

Poverty Threshold

The minimum level of income deemed necessary to achieve an adequate standard of living in a given country or region; a measure used to identify those in poverty.