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

question 126

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 5% rather than 4% on your savings?

• A)$555.18
• B)$609.81
• C)$616.51
• D)$928.73
• E)$1,046.22

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Definitions:

Rent

A periodic payment made by a tenant to a landlord for the use of land, premises, or other property.

Surplus

An excess of income or assets over expenditure in a given period, often referring to a government's budget.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a given price over a specific period.

Quantity Demanded

The amount of a good or service consumers are willing and able to buy at a specific price level, ceteris paribus.