Use the Appropriate Formula to Find How Much You Should

question 22

Multiple Choice

Use the appropriate formula to find how much you should deposit now at 7% interest, compounded annually, to yield an annuity payment of $800 at the BEGINNING of each year, for 14 years.

• A) $6,996.37
• B) $7,870.92
• C) $7,486.12
• D) $8,421.89

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Definitions:

Pretexting

A deceptive practice where an individual lies about their identity or intentions to obtain personal or sensitive information from another.

Fraudulent Means

Actions or practices intended to deceive or trick others, usually for personal gain or to fulfill some other illicit objective.

Phone Use

The usage of a mobile or landline telephone for purposes such as communication, internet browsing, or application use.

Burden Of Proof

The obligation in a legal dispute to prove one's allegations or claims; it determines who must prove the point at issue.