You Would Like to Have $8 500 for Future Spending

question 22

Multiple Choice

You would like to have $8 500 for future spending in three years from now. How much should you deposit in your bank account now if the account pays you 0.4% interest per month?

• A)$2 071
• B)$7 362
• C)$8 102
• D)$8 399
• E)$8 429

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Definitions:

Homo Sapiens

The scientific name for modern humans, characterized by their ability for complex language and social structures.

Consciously Design Tools

The intentional creation or modification of tools or devices through thoughtful planning and creative thought, often to solve a specific problem.

Homo Habilis

Oldest known species in genus Homo; lived in Africa from approximately 2.5 to 1.6 mya.

Industrial Revolution

A period of major industrialization during the late 18th and early 19th centuries that transformed primarily agrarian, rural societies into industrialized, urban ones.