How Much Must Be Saved at the End of Each

question 107

Multiple Choice

How much must be saved at the end of each year for the next 10 years in order to accumulate $50,000,if you can earn 9% annually? Assume you contribute the same amount to your savings every year.

• A) $3,291.00
• B) $3,587.87
• C) $4,500.33
• D) $4,587.79

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Definitions:

France and Spain

European countries known for their rich history, cultural heritage, and significant roles in world affairs, including periods of rivalry and alliance.

Florida

A southeastern U.S. state known for its tropical climate, extensive coastlines, diverse wildlife, and as a popular tourist destination.

European Settlement

The establishment of communities and colonies in non-European lands by European explorers and settlers, often resulting in significant cultural, social, and political changes.

Strategic Importance

The significance of a location, action, or idea based on its potential to influence outcomes in military, political, or economic arenas.