Find the Least Amount That Could Be Deposited in a Bank

question 288

Multiple Choice

Find the least amount that could be deposited in a bank account today at 8% compounded semiannually to allow $1,875 withdrawals at the end of each 6 months for 12 years.

• A) $29,291.40
• B) $65,161.95
• C) $27,856.58
• D) $28,588.05

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Definitions:

Relapse

The return of a disease or symptoms after a period of improvement.

Alcoholics

Individuals who suffer from alcoholism, a chronic disease characterized by uncontrolled drinking and a preoccupation with alcohol.

Nutritional Deficiency

A lack or shortage of essential nutrients in the diet, leading to various health problems and disorders.

Fast Food

Easily prepared processed food served in snack bars and restaurants as a quick meal or to be taken away.