Gordon Started Saving $25 a Month at Age 20 in an Account

question 129

Multiple Choice

Gordon started saving $25 a month at age 20 in an account earning 4% compounded monthly.At age 40 he would have ____ in this account.(Use time value tables or financial calculator)

• A) $6,000
• B) $7,170
• C) $9,169
• D) $9,255
• E) $9,890

Grasp the concept of liquidity and its relevance to a company's financial health.

Understand the procedures and significance of controlling cash receipts and payments.

Recognize the use and purpose of a voucher system in internal controls.

Understand basic bank services and their roles in controlling cash.

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Definitions:

Gene Therapy

Treating a genetic defect or disorder by transferring a normal or modified gene into the affected individual.

SCID-X1

A severe immune system disorder known as X-linked severe combined immunodeficiency, primarily affecting males, where the body is unable to defend itself against bacteria, viruses, and fungi.

Leukemia

A type of cancer that affects the blood and bone marrow, characterized by the overproduction of abnormal white blood cells.

Gel Electrophoresis

A laboratory method used to separate mixtures of DNA, RNA, or proteins according to molecular size.