Jane Wants to Set Aside Funds to Take an Around

question 37

Multiple Choice

Jane wants to set aside funds to take an around the world cruise in four years. Jane expects that she will need €15,000 for her dream vacation. If she is able to earn 8% per annum on an investment, how much will she have to set aside today so that she will have sufficient funds available?

• A) €3,329
• B) €20,406
• C) €11,025
• D) €10,208

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Definitions:

Megabyte

A unit of digital information storage or data size, approximately 1 million bytes, often used to quantify the size of digital files or storage capacity.

Kilobyte

A unit of digital information that comprises 1,024 bytes, often used to express the size of small files or amounts of data.

Binary Digit

The smallest unit of data in computing, represented by a 0 or 1, used in the binary number system.

Bits

The smallest unit of data in a computer, representing a single binary value, either 0 or 1, which can be used to represent a state, value, or part of a code.