Alexa Plans on Saving $3,000 a Year and Expects to Earn

question 88

Multiple Choice

Alexa plans on saving $3,000 a year and expects to earn an annual rate of 10.25 percent.How much will she have in her account at the end of 45 years?

• A)$1,806,429
• B)$1,838,369
• C)$2,211,407
• D)$2,333,572
• E)$2,508,316

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Definitions:

Additional Resources

Refers to extra assets or inputs available that can be used to enhance the production or efficiency of something.

Investment

Allocating resources, usually money, with the expectation of generating an income or profit.

Capital

Assets or money owned by an individual or organization, or funds available for specific purposes like establishing a company or investment.

Stocks

Shares of ownership in a corporation, representing a claim on the company's assets and earnings.