Assume the Total Expense for Your Current Year in College

question 83

Multiple Choice

Assume the total expense for your current year in college equals $20,000.How much would your parents have needed to invest 21 years ago in an account paying 8% compounded annually to cover this amount?

• A) $952.46
• B) $1,600.00
• C) $1,728.08
• D) $3,973.11

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Definitions:

Constitutional Convention

A formal gathering for the purpose of creating or amending a constitution.

Delegates

Individuals chosen to represent others, typically in a conference or a convention; in politics, they often have the authority to vote on behalf of the group they represent.

Upper Class

A social group at the top of a societal hierarchy, often possessing significant wealth, power, and influence.

Tyranny

Oppressive rule exercised by a government or ruler with absolute power, often characterized by a lack of regard for the welfare of the governed.