If You Invest $5,000 Today at an Annual Interest Rate

question 92

Multiple Choice

If you invest $5,000 today at an annual interest rate of 5.35%,how much money will you have for your daughter's college education in 18 years?

• A)$5,603
• B)$10,000
• C)$12,776
• D)There is not enough information to answer this question.

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Definitions:

Received

The action of obtaining or accepting something, such as goods, payments, or services.

Fiscal Year

A one-year period that companies and governments use for financial reporting and budgeting that does not necessarily align with the calendar year.

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The exchange or transfer of goods, services, or funds between two or more parties.