How Much Must Be Saved at the End of Each

question 107

Multiple Choice

How much must be saved at the end of each year for the next 10 years in order to accumulate $50,000,if you can earn 9% annually? Assume you contribute the same amount to your savings every year.

• A) $3,291.00
• B) $3,587.87
• C) $4,500.33
• D) $4,587.79

---

Definitions:

Suites

Sets of interconnected rooms designed to be used together within a larger structure, often found in hotels or office buildings.

Conscientious

Characterized by carefulness, diligence, and a desire to do a task well.

Defensive

Relating to a behavior or mindset aimed at protecting oneself from criticism, harm, or other perceived threats.

Extraverted

Extraverted describes a personality trait characterized by outgoingness, sociability, and a preference for external stimulation over introspection.