Suppose You Were Going to Save $1,000 Per Year for Three

question 23

Multiple Choice

Suppose you were going to save $1,000 per year for three years at a 10% interest rate compounded annually, with the first investment occurring today. What would be the future value of this investment?

• A) $2,124
• B) $2,310
• C) $3,641
• D) $3,812

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Definitions:

Depression

A mental health disorder characterized by persistently depressed mood or loss of interest in activities, causing significant impairment in daily life.

Smaller-than-normal Brain Size

A condition where the physical size of the brain is below the average for the individual's age and sex.

Premature Delivery

The birth of a baby before the completion of 37 weeks of pregnancy, potentially leading to health challenges for the newborn.

Newborn

An infant from birth to a few weeks old, characterized by rapid physical and neurological development during the initial stages of life outside the womb.