Approximately How Much Money Would You Need to Place in a Savings

question 19

Multiple Choice

Approximately how much money would you need to place in a savings account today to accumulate $5,000 five years from now if the savings account pays an interest rate of 3.5 percent per year?

• A)$4,210
• B)$4,831
• C)$5,937
• D)$3,411
• E)$3,887

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Definitions:

Nuclear Family

A household consisting of a parent or parents and their dependent children, regarded as a basic social unit.

Extended Family

An extended family is a familial grouping that extends beyond the immediate family to include grandparents, aunts, uncles, and other relatives.

Structural Functionalist

A perspective in sociology that views society as a complex system whose parts work together to promote solidarity and stability.

Structural Functionalism

A theoretical perspective in sociology that views society as a complex system with parts working together to promote stability and social order.