You Wish to Accumulate $15,000 Within Five Years

question 99

Multiple Choice

You wish to accumulate $15,000 within five years.How much would you have to save each year for five years to attain your goal? Assume an annual interest rate of 4%.Savings occur at the end of each year.

• A)$2,662
• B)$2,769
• C)$2,905
• D)$3,000
• E)$3,500

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Definitions:

Academic Probation

A warning status given to students whose academic performance falls below an institution’s requirement for good standing.

Academic Fraternity

A student organization within higher education institutions, often focused on academic achievement and professional development, sometimes specific to particular fields of study.

Statistically

Pertaining to the use of or relating to statistics, which involves the collection, analysis, interpretation, and presentation of numerical data.

Separated

Describes a state where two or more entities are physically or symbolically disjoined or kept apart.