Suppose You Are Starting a Ph

question 32

Multiple Choice

Suppose you are starting a Ph.D. program with only $1,000 in your savings account. The university has agreed to waive your tuition, cover all of your living expenses, and pay you an additional stipend of $2,000 at the beginning of each month, as long as you teach one course per semester over the course of five years. If your savings account is able to earn 5.5% per year for the five years that you will be in this program, how much will you have accumulated in your savings account by the end of the program if interest is compounded on a monthly basis?

• A) $136,445.94
• B) $137,708.75
• C) $139, 077.35
• D) $139,708.76

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Definitions:

Bronchiolectasis

A condition involving the permanent enlargement and damage of the bronchioles, the small airways in the lungs, often leading to infection and respiratory problems.

Environmental Tobacco Smoke

Smoke from burning tobacco products and smoke exhaled by smokers, also known as secondhand smoke.

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the equilibrium price, where supply equals demand.

Supply

Supply is the total amount of a specific good or service available to consumers, and it increases or decreases based on the good's price.