You Want to Have $25,000 Saved 6 Years from Now

question 60

Multiple Choice

You want to have $25,000 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)$524.24
• B)$691.18
• C)$724.60
• D)$745.11
• E)$819.02

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Definitions:

Sodium

A soft, silvery-white, highly reactive metal that is found in many salts, essential for nerve and muscle function in the human body.

Moles

The SI unit that measures the amount of substance, defined as containing exactly 6.02214076×10^23 particles, such as atoms or molecules.

Stoichiometry

The calculation of reactants and products in chemical reactions based on the conservation of mass.

Chemical Reactions

Processes in which one or more substances, the reactants, are converted to one or more different substances, the products.