Jerry Wants to Know How Much He Needs to Save

question 82

Multiple Choice

Jerry wants to know how much he needs to save every year to accumulate $15,000 in five years at a 10% interest rate. Which of the following tables should he use?

• A) Present value of $1
• B) Present value of an ordinary annuity
• C) Future value of $1
• D) Future value of an ordinary annuity

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Definitions:

Reflexes

Involuntary and nearly instantaneous movements in response to a stimulus, serving as a protective mechanism for the body.

Somatic

Relating to the body, particularly the external parts and not the reproductive organs, often in contrast to psychological or mental aspects.

Oculomotor

Pertaining to the movement of the eyeball and the muscles controlling it, often in reference to the oculomotor nerve.

Trochlear

Refers to the fourth cranial nerve, responsible for eye movement.