Beginning Three Months from Now,you Want to Be Able to Withdraw

question 38

Multiple Choice

Beginning three months from now,you want to be able to withdraw $1,700 each quarter from your bank account to cover college expenses over the next 4 years.The account pays 1.25 percent interest per quarter.How much do you need to have in your account today to meet your expense needs over the next 4 years?

• A)$24,514.50
• B)$24,847.15
• C)$25,068.00
• D)$25,454.09
• E)$25,711.18

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Definitions:

Rent Control

Government regulations that limit the amount landlords can charge for renting out a property and may also restrict the reasons for evicting tenants.

Economy Works

The systematic way in which economic activities are organized and conducted in a society to produce goods and services.

Scientist

A professional engaged in a systematic activity to acquire knowledge, often employing the scientific method in various fields.

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The cost of purchasing a share of ownership in a company, which can fluctuate based on market conditions.