Want to Buy a New Ski Boat 2 Years from Now

question 92

Multiple Choice

want to buy a new ski boat 2 years from now, and you plan to save $8,200 per year, beginning one year from today.You will deposit your savings in an account that pays 6.2% interest.How much will you have just after you make the 2nd deposit, 2 years from now?

• A)$15,260
• B)$16,063
• C)$16,908
• D)$17,754
• E)$18,642

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Definitions:

Contract

A contract among two or more entities that holds legal enforceability.

Authority

The right or power assigned to an entity or individual to govern, make decisions, or enforce obedience.

Revocation

The official cancellation or annulment of a decree, decision, or promise, typically within legal contexts such as wills, contracts, or licenses.

Renunciation

The formal rejection or abandonment of a claim, right, possession, or responsibility.