Solve the Problem

question 27

Multiple Choice

Solve the problem. Round to the nearest cent as needed.
-Cheraw Auto Repair believes that it will need new equipment in 10 years. The equipment will cost $26,000. What lump sum should be invested today at 8% compounded semiannually, to yield $26,000?

• A) $21,097.18
• B) $17,462.98
• C) $11,866.06
• D) $17,637.61

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Definitions:

Behaviorism

A theory in psychology that focuses on observable behaviors rather than internal processes and emphasizes the role of the environment in shaping behavior.

Toilet Training

Toilet Training is the process of teaching a young child to use the toilet for elimination, marking a key milestone in early childhood development.

Reinforcement

In behavioral psychology, a process by which a behavior is encouraged or strengthened through the administration of a stimulus or reward following the desired behavior.

Psychoanalytic Theories

A set of theories originated by Sigmund Freud that emphasize the influence of the unconscious mind on behavior.