You Want to Have $35,000 Saved 6 Years from Now

question 1

Multiple Choice

You want to have $35,000 saved 6 years from now to buy a house. How much less do you have to deposit today to reach this goal if you can earn 5.5 percent rather than 5 percent on your savings? Today's deposit is the only deposit you will make to this savings account.

• A)$733.94
• B)$791.18
• C)$824.60
• D)$845.11
• E)$919.02

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Definitions:

Human Species

Refers to Homo sapiens, the only surviving species of the genus Homo, characterized by higher mental capacities, bipedal locomotion, and complex social structures.

Genetic Variation

The differences in DNA sequences among individuals within a population or species.

Traditional Categories

Established classifications or divisions in society or in various fields of study or activity, based on custom, convention, or historical precedent.

Race

A social construct used to categorize humans based on physical traits, ancestry, or social identity, despite the biological insignificance of these differences.