You Wish to Accumulate $15,000 Within Five Years

question 99

Multiple Choice

You wish to accumulate $15,000 within five years.How much would you have to save each year for five years to attain your goal? Assume an annual interest rate of 4%.Savings occur at the end of each year.

• A)$2,662
• B)$2,769
• C)$2,905
• D)$3,000
• E)$3,500

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Definitions:

Competitive Advantages

Unique attributes or circumstances that give a business or product superiority over its competitors.

Plant Assets

Tangible assets used in the operation and production areas of a manufacturing company that have a useful life longer than one year.

Disposed

This refers to the act of getting rid of something, often used in the context of assets that have been sold or removed from the books.

Discarding

The process of getting rid of something no longer useful or required, often in the context of inventory or asset management.