Al Miler, the Owner of Al's Garage, Estimates That He

question 35

Multiple Choice

Al Miler, the owner of Al's Garage, estimates that he will need $29,000 for new equipment in 15 years. Al decides that he will put aside the money now so that in 15 years the $29,000 will be available. His bank offers him 10% interest compounded semiannually. (Use the tables in the handbook.) Al must invest today:

• A)$6,710.60
• B)$6,942.60
• C)$6,701.60
• D)$125,335.10
• E)None of these

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Definitions:

Entering Data

The process of inputting information into a computer system, software application, or database.

Table Formula

A formula used in data tables within software like Excel to perform calculations on rows or columns of data.

Table Reference

In databases or spreadsheets, an indicator or pointer that allows formulas or functions to access data stored in a specific table or range.

Column Names

Titles or labels given to individual columns in a database or spreadsheet to identify the type of data they contain.