Daniel Deposits $2,000 Per Year at the End of the Year

question 24

Multiple Choice

Daniel deposits $2,000 per year at the end of the year for the next 15 years into an IRA account that currently pays 7%. How much will Daniel have on deposit at the end of the 15 years?

• A) $39,981
• B) $46,753
• C) $49,002
• D) $50,258

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Definitions:

Moles

A unit in chemistry that represents 6.022 x 10^23 particles of a given substance, used to express the amount of a chemical substance.

Temperature

An indication of how hot or cold a substance is, determined by the average kinetic energy of its particles.

Ideal Gas Law

A fundamental equation that relates pressure, volume, temperature, and the amount of gas, represented as PV = nRT.

Hydrogen Gas

A colorless, odorless, highly flammable gas, the lightest of all gases, used in various industrial processes.