Kristina Has Saved $3,500 So Far, but Wants to Have

question 41

Short Answer

Kristina has saved $3,500 so far, but wants to have $8,000 in three years. If her account pays 4.5% compounded semi-annually, how much should Kristina save each month to reach her goal?

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Definitions:

Phobic Disorder

A type of anxiety disorder characterized by an excessive and irrational fear of an object, situation, or activity.

Somatoform Disorder

A mental disorder characterized by physical symptoms that are not fully explained by a general medical condition, substance use, or another mental disorder.

Neurotic Depression

A mental health condition featuring symptoms of depression that are usually less severe than major depressive disorder but include high levels of anxiety.

Conversion Reaction

A psychological response where emotional stress or conflict is converted into physical symptoms.