Solve the Problem

question 17

Multiple Choice

Solve the problem. Refer to the table if necessary.
-Greg plans to contribute $500 per year to a retirement plan and is debating the use of a certificate of deposit that pays 2% per year versus a stock fund that he believes will yield 6% per year. Find the future value after 15 years of the CD and the stock fund.

Definitions:

Younger Adults

Individuals in an age group that typically spans from late adolescence to the early 30s, often characterized by physical maturity and the onset of adult responsibilities.

Memory

The retention of information or experience over time as the result of three key processes: encoding, storage, and retrieval.

Erikson's Developmental Stages

A theory that describes eight stages through which a healthily developing human should pass from infancy to late adulthood, each stage marked by a psychological crisis.

Industry Vs. Inferiority

A stage of psychosocial development in Erik Erikson's theory, involving mastering skills and competencies and dealing with feelings of inadequacy.