Find the Value of the Annuity with the Following Characteristics

question 68

Multiple Choice

Find the value of the annuity with the following characteristics.
-Payments of $1000 are made at the end of each year for 15 years at 9% interest compounded annually

• A) $40,472.03
• B) $3,713.03
• C) $29,360.92
• D) $26,019.19

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Definitions:

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, which outlines a five-tier model of human needs, ranging from basic physiological needs to self-actualization.

Universal Needs

Universal needs refer to basic human requirements that are common across different cultures and societies, such as food, shelter, safety, love, and esteem.

Culture

A complex system of shared values, traditions, norms, customs, arts, history, folklore, and institutions that characterizes a particular group or society.

McClelland's Model

A psychological theory which states that the needs for achievement, power, and affiliation significantly influence human motivation and behavior.