Paul Wants to Accumulate $14,500 in Order to Make the Down

question 29

Multiple Choice

Paul wants to accumulate $14,500 in order to make the down payment for a new condo. Today he can start investing $2,500 annually in an investment account that pays 10 percent interest compounded annually. How long would it take him to have enough money to make the down payment?

• A) 3.50 years
• B) 5.90 years
• C) 6.10 years
• D) 4.80 years
• E) 7.60 years

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Definitions:

Chronic Pain

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Alcohol Use

The consumption of beverages containing ethanol, commonly known as alcohol, which can range from moderate drinking to alcohol abuse.

Longevity

The length of an individual's life, often studied to understand factors that contribute to a longer and healthier life.

Bad Cholesterol

Refers to low-density lipoprotein (LDL) cholesterol, which when in excess can lead to plaque buildup in arteries, increasing the risk of heart disease.