You Want to Have $20,000 Saved in Five Years

question 28

Multiple Choice

You want to have $20,000 saved in five years.If you can earn 4.5 percent on your savings,what amount must you save each year if the amount you save each year is the same?

• A)$3,775.04
• B)$3,798.34
• C)$3,801.03
• D)$3,655.83
• E)$4,038.01

---

Definitions:

Postconventional Level

A stage of moral development according to Kohlberg, characterized by an understanding of complex ethical principles and a personal sense of justice.

Universal Ethical Principles

Fundamental beliefs and guidelines that transcend cultural, religious, and societal differences, focusing on fundamental human rights and equality.

Homicides

The deliberate and unlawful killing of one person by another; a serious crime that is tracked and analyzed in legal and sociological contexts.

Suicides

The act of intentionally causing one's own death.