Terry Started Saving $50 a Month at Age 25 in an Account

question 42

Multiple Choice

Terry started saving $50 a month at age 25 in an account earning 6% compounded monthly.At age 40 she would have ____ in this account.(Use time value tables or financial calculator)

• A) $ 5,252
• B) $ 9,000
• C) $ 9,540
• D) $13,962
• E) $14,541

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Definitions:

Harmony

a state of agreement, accord, or synchronization among components which often creates a pleasing or orderly whole.

Groupthink

A psychological phenomenon occurring within a group of people, where the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.

Unanimity

Complete agreement or concord among all members or participants, often used in the context of group decisions or jury verdicts.

Argument

A set of reasons or evidence in support of a conclusion or position.