Lisa Wants to Know How Much Savings She Would Accumulate

question 54

Multiple Choice

Lisa wants to know how much savings she would accumulate in 15 years if she saves $2,000 per year and her savings earns 4% per year. She needs to determine the

• A) present value of an annuity.
• B) annuity amount.
• C) future value of one specific dollar amount today.
• D) future value of an annuity.

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Definitions:

Forged

Forged denotes something that has been counterfeit or fraudulently altered or replicated, such as a document, artwork, or signature.

Altered Check

A check that has been tampered with after its original issuance, often changing the name of the payee or the amount, with the intent to defraud.

Depositor

A depositor is an individual or entity that places money into a bank account or investment, entrusting the bank or financial institution with their funds.

Bank Statement

A document issued by a bank detailing the transactions in an account over a specific period, showing deposits, withdrawals, and balances.