You Are Hoping to Buy a New Boat 3 Years

question 40

Multiple Choice

You are hoping to buy a new boat 3 years from now, and you plan to save $4,200 per year, beginning one year from today.You will deposit your savings in an account that pays 5.2% interest.How much will you have just after you make the 3rd deposit, 3 years from now?

• A) $11,973
• B) $12,603
• C) $13,267
• D) $13,930
• E) $14,626

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Definitions:

Fallacy

An incorrect conviction, particularly one rooted in flawed reasoning.

Generalization

A broad statement or conclusion drawn from specific instances, applying to a wider set of circumstances.

Particulars

Refers to the specific, individual aspects or details of a subject or object that distinguish it from others.

Right

A moral or legal entitlement to have or do something; often considered fundamental and inherent.