Find the Future Value

question 117

Multiple Choice

Find the future value.
-$4013 invested for 9 years at 4.1% compounded quarterly

• A) $5761.37
• B) $5782.34
• C) $5800.30
• D) $5793.06

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Definitions:

Illusory Promise

signifies a statement that appears to be a promise but does not actually bind the party making it to a particular action or outcome, thus lacking the substance necessary for a valid contract.

Real Obligation

A legal obligation that is tied to a specific property, requiring the fulfillment of some duty relative to that property.

Unilateral Contract

A contract in which one party makes a promise in exchange for the other party's act, rather than a promise in return.

Gratuitous Promise

A promise made without requiring some benefit or thing of value in return; not enforceable as a contract because it lacks consideration.