Joe Sullivan Invests $9,000 at the End of Each Year

question 34

Multiple Choice

Joe Sullivan invests $9,000 at the end of each year for 20 years. The rate of interest Joe earns is 8% annually. The final value of Joe's investment at the end of the 20th year on this ordinary annuity is (use the tables in the handbook) :

• A)$411,588.00
• B)$88,362.90
• C)$411,858.00
• D)$88,632.90
• E)None of these

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Definitions:

Materialism

A value system that places a high importance on the acquisition and possession of material goods and wealth as a measure of success or happiness.

Negative Consequences

Undesirable outcomes resulting from an action or decision, often causing harm or loss.

Concrete Language

Language that describes specific, observable things, actions, or physical entities, as opposed to abstract concepts.

Cliché

An expression, idea, or element of an artistic work that has become overused to the point of losing its original meaning or effect.