You Want to Have $10,000 Saved Ten Years from Now

question 69

Multiple Choice

You want to have $10,000 saved ten years from now. How much less do you have to deposit today to reach this goal if you can earn 6% rather than 5% on your savings?

• A) $555.18
• B) $609.81
• C) $615.48
• D) $928.73
• E) $1,046.22

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Definitions:

Gross Pay

Total income earned by an employee before any deductions or taxes are applied.

Overtime

Additional hours worked beyond the standard work hours, typically compensated at higher pay rates.

Time And A Half

Compensation rate that is 1.5 times the employee's regular hourly rate, typically paid for overtime work.

Health Insurance

An insurance policy that covers the cost of medical and surgical treatments for the policyholder.