What Lump Sum Should Be Deposited in an Account That

question 44

Multiple Choice

What lump sum should be deposited in an account that will earn at an annual rate of 7%, compounded quarterly, to grow to $90,000 for retirement in 20 years? Round your answer to the nearest cent. ​

• A)$29,594.17
• B)$5,741.36
• C)$44,828.96
• D)$14,219.12
• E)$22,464.10

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Definitions:

Mode

In statistics, it refers to the value that appears most frequently in a data set.

Most Frequent Score

It is also known as the mode in statistics, representing the value that appears most frequently in a set of data.

Negative Correlation

A relationship between two variables in which one increases as the other decreases.

Coffee Consumption

The act of drinking coffee and how often it occurs, often studied for its effects on health and behavior.