Grandma Jenkins Knows That She Has Between Six and Nine

question 85

Multiple Choice

Grandma Jenkins knows that she has between six and nine months left to live. She wants to leave each of her grandchildren $1,000 when she dies. For this purpose, she has established a trust fund
And has deposited sufficient monies to provide for her twelve grandchildren. Today, she just
Discovered that her daughter is going to have twins, increasing the number of her grandchildren to
Thirteen. To ensure her final wish is fully funded, Grandma Jenkins needs to:

• A) Withdraw $1,000 from her trust account.
• B) Withdraw less than $1,000 from her trust account.
• C) See if the rate of interest on her account can be lowered.
• D) Deposit at least $1,050 into her trust account.
• E) Deposit a little less than $1,000 into her trust account.

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Definitions:

Commodity X

A placeholder name often used to describe a generic good or service in economic models and theories.

Demand Equation

A mathematical representation that expresses the relationship between the quantity of a good demanded and its price, along with other factors like income and the prices of related goods.

New Equilibrium Quantity

The quantity of goods or services supplied and demanded after a change in the market has led to a new equilibrium price.

Ticket Scalping

The practice of buying tickets for an event and reselling them at a higher price, often to benefit from high demand and limited supply.