Polly Nolan Received the Following Items This Year Compute Polly's Gross Income

question 58

Multiple Choice

Polly Nolan received the following items this year. $\begin{array}{lr}\text {Interest on New York City School bonds }&\$1,600\\\text {Gift from grandparents }&\$5,000\\\text { Jackpot from state lottery}&\$42,500\\\text { Gambling winnings}&\$3,000\\\end{array}$
Compute Polly's gross income.

• A) $47,100
• B) $42,500
• C) $45,500
• D) $47,500

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Definitions:

National Income

The total income earned by a country's residents and businesses, including wages, profits, and investment returns, reflecting the economic health of the nation.

Present Value

The value at present of future monetary sums or cash flow streams, determined by applying a given rate of return.

Interest

The payment made for the use of (borrowed) money.

Supply of Loanable Funds

The total amount of funds available for borrowing in the economy, determined by savings and influenced by interest rates.