Christopher Would Like to Have $20,000 for a House Down

question 57

Multiple Choice

Christopher would like to have $20,000 for a house down payment seven years from now.How much money would he need to save every quarter in an investment that pays 9% APR compounded quarterly?

• A)$2,173.81
• B)$171.78
• C)$520.51
• D)$509.05

---

Definitions:

Inputs

Resources such as labor, materials, and capital used in the process of production.

Output

The quantity of goods or services produced by a firm, industry, or economic system.

Diminishing

A principle often observed in economics where additional units of a variable factor increase total output at a decreasing rate.

Positive Constants

Fixed values greater than zero that appear consistently within a mathematical equation or expression.