Solve the Problem. -As Part of Her Retirement Savings Plan, Patricia Deposited $350

question 34

Multiple Choice

Solve the problem.
-As part of her retirement savings plan, Patricia deposited $350 in a bank account during her first year in the workforce. During each subsequent year, she deposited $50 more than the previous year. Find how much she deposited during her twentieth year in the workforce. Find the total amount deposited in the twenty years.

• A) $1300; $33,000
• B) $1350; $17,000
• C) $1300; $16,500
• D) $1350; $34,000

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Definitions:

Consumer Preferences

The tastes, preferences, and priorities that influence the buying decisions of individuals or households.

Marginal-Utility Schedules

Tables or charts that illustrate the additional satisfaction or utility a consumer receives from consuming an additional unit of a good or service.

Utility Maximization

The economic principle stating individuals aim to achieve the highest satisfaction possible from consumption given their income and prices of goods.

Diminishing Marginal Utility

A principle stating that as more of a good or service is consumed, the additional satisfaction from consuming one more unit decreases.