Want to Go to Europe 5 Years from Now, and You

question 166

Multiple Choice

want to go to Europe 5 years from now, and you can save $3,100 per year, beginning one year from today.You plan to deposit the funds in a mutual fund that you think will return 8.5% per year.Under these conditions, how much would you have just after you make the 5th deposit, 5 years from now?

• A)$18,369
• B)$19,287
• C)$20,251
• D)$21,264
• E)$22,327

---

Definitions:

Broadbands

A compensation structure that consolidates many narrow pay grades into fewer, wider bands, allowing more flexibility in job roles and pay adjustments.

Salary Grades

A method of organizing employees into levels or bands based on their salary ranges, qualifications, or responsibilities.

Competency-Based Compensation

A pay system where employees are compensated based on their skills, knowledge, and performance, rather than job title or seniority.

Specific Jobs

Employment positions defined by particular tasks, responsibilities, and requirements unique to the role.