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

question 158

Multiple Choice

You 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

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Definitions:

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A medium of exchange that allows people to purchase goods and services; it serves as a unit of account, a store of value, and a standard of deferred payment.

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