Jane Wants to Have $200,000 in an Account in 20

question 199

Multiple Choice

Jane wants to have $200,000 in an account in 20 years. If it earns 11 percent per annum over the accumulation period, how much must she save per year (end of year) to have the $200,000?

• A)$25,116
• B)$3,115
• C)$10,000
• D)$3,492

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Definitions:

MAN

A Metropolitan Area Network; a network that spans a physical area larger than a LAN but smaller than a WAN, used to connect users in a geographic region.

WAN

Wide Area Network, a telecommunications network that extends over a large geographic area for the primary purpose of computer networking.

MAN

Metropolitan Area Network; a network that interconnects users with computer resources in a geographic area or region larger than that covered by a large local area network (LAN) but smaller than the area covered by a wide area network (WAN).

LAN

Local Area Network, a network that connects computers within a limited area like a home, school, or office building.