Solve the Problem. Round to the Nearest Cent

question 2

Multiple Choice

Solve the problem. Round to the nearest cent.
-You intend to create a college fund for your baby. If you can get an interest rate of 5.5% Compounded monthly and want the fund to have a value of $177,122 after 18 years, how much Should you deposit each month?

• A) $9462.31
• B) $529.91
• C) $409.48
• D) $481.74

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Definitions:

Collective Bargaining

A good faith meeting between representatives of employees and employers to discuss the terms and conditions of employment.

Taft-Hartley Act

A 1947 U.S. federal law that restricts the activities and power of labor unions.

Union Shop Contracts

Agreements requiring employees to join a union within a certain period after being hired.

Right-To-Work State

A state that prohibits agreements between labor unions and employers that make membership, payment of union dues, or fees a condition of employment, either before or after hiring.