Your Goal Is to Accumulate in 4 Years $5,000

question 32

Multiple Choice

Your goal is to accumulate in 4 years $5,000.If you can earn a rate of 4%, compounded monthly, what will be your end of month monthly payment need to be to reach this goal?

• A)$96
• B)$104
• C)$124
• D)$262
• E)$300

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Definitions:

Chemicals

Substances with a distinct molecular composition that are used or produced in processes involving changes to molecules or atoms.

Identical Twins

Twins who originate from a single fertilized egg that splits and develops into two individuals with exactly the same genetic material.

Zygotes

The initial cell formed when a sperm fertilizes an egg, marking the beginning of human development.

Ovum

The female reproductive cell or egg that, when fertilized by a sperm, can develop into an embryo.