Your Goal Is to Have $50,000 in Cash to Build

question 193

Multiple Choice

Your goal is to have $50,000 in cash to build a new home twelve years from now. Your plan is to make one deposit today to fund this goal. How much more will you have to deposit today to fund
This goal if you can only earn 4% on your savings rather than 5%?

• A) $3,104.11
• B) $3,188.87
• C) $3,218.07
• D) $3,273.16
• E) $3,387.98

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Definitions:

Limited Liability

A legal structure for businesses where owners' personal assets are protected from the company's debts and liabilities.

Objectivity

The principle of being unbiased and based on observable phenomena, ensuring that personal feelings or opinions do not affect data collection and interpretation.

Financial Information

Data related to the financial status of an entity, including assets, liabilities, revenues, and expenses, which is used for analysis and decision-making.

Unbiased Evidence

Information or data that is objective, impartial, and not influenced by personal feelings or opinions, used in making decisions or conclusions.