You Need a Down Payment of $19,000 in Order to Purchase

question 7

Multiple Choice

You need a down payment of $19,000 in order to purchase your first home 4 years from today.You currently have $14,014 to invest.In order to achieve your goal,what nominal interest rate,compounded continuously,must you earn on this investment?

• A)7.61%
• B)7.99%
• C)8.39%
• D)8.81%
• E)9.25%

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Definitions:

Teacher

A person who helps others acquire knowledge, competences, or values, often in an educational setting.

Neo-Freudians

Psychologists who accepted the basic foundations of Freud's theory but modified and expanded upon it to include social and cultural aspects.

Adler

Alfred Adler was an Austrian medical doctor and psychotherapist who is best known for founding the school of individual psychology.

Horney

A psychoanalyst known for her theories on neurosis, personal growth, and the concept of the "real self."