MrFish Wants to Build a House in 10 Years

question 27

Multiple Choice

Mr.Fish wants to build a house in 10 years.He estimates that the total cost will be $170,000.If he can put aside $10,000 at the end of each year,what rate of return must he earn in order to have the amount needed?

• A) Between 11% and 12%
• B) Between 8% and 9%
• C) 17%
• D) 14%

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Definitions:

George Grenville

A British politician who served as Prime Minister and is known for implementing policies that contributed to the American Revolution.

British Revenue

Financial income generated by the UK government from taxes, levies, fees, and other sources.

Prime Minister

The head of government in a parliamentary system, responsible for running the country and making policy decisions.

Ottawa Chief

A title referring to the leader of the Ottawa, a Native American people historically located in the Great Lakes region, often associated with leaders like Pontiac who played significant roles in colonial-era conflicts.