You Have a Goal to Raise $1000 in Four Years

question 36

Multiple Choice

You have a goal to raise $1000 in four years' time.If your mother gives you $400 at the end of the first year,you make six deposits of equal amounts every six months thereafter,and all the money is deposited in a bank,which pays 8% p.a. ,compounded semi-annually,how large must each of the six payments be for you to reach your target?

• A)$74.46
• B)$65.55
• C)$82.74
• D)$77.26

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Definitions:

Negative Interpretation

A cognitive bias that involves perceiving events, situations, or remarks in a pessimistic or detrimental light.

Symbolic Losses

Experiences perceived as losses, not necessarily involving death or separation but significant enough to affect an individual's psyche, such as loss of youth or dreams.

Text Messaging

The practice of sending short, electronic messages between mobile devices.

Psychological Problems

Refers to a wide range of mental health conditions that affect mood, thinking, and behavior.