Marie Needs $26,000 as a Down Payment for a House

question 124

Multiple Choice

Marie needs $26,000 as a down payment for a house 4 years from now. She earns 5.25% on her savings. Marie can either deposit one lump sum today for this purpose or she can wait a year and
Deposit a lump sum. How much additional money must Marie deposit if she waits for one year
Rather than making the deposit today?

• A) $878.98
• B) $911.13
• C) $1,112.36
• D) $1,348.03
• E) $1,420.18

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Definitions:

Test Results

The outcome or findings from a series of tests or examinations, usually measuring proficiency, understanding, or condition in various contexts.

Consistent

Showing steady conformity to a standard, pattern, or expectation without any deviation or contradiction.

Laboratory Observation

Research method in which all participants are observed under the same controlled conditions.

One-Way Mirror

A mirror that is reflective on one side and transparent on the other, often used in observational research and police line-ups to observe subjects without being seen.