Uptown Industries Just Decided to Save $3,000 a Quarter for the Next

question 103

Multiple Choice

Uptown Industries just decided to save $3,000 a quarter for the next three years.The money will earn 2.75 percent,compounded quarterly,and the first deposit will be made today.If the company had wanted to deposit one lump sum today,rather than make quarterly deposits,how much would it have had to deposit to have the same amount saved at the end of the three years?

• A)$34,441.56
• B)$34,678.35
• C)$33,428.87
• D)$33,687.23
• E)$34,998.01

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Definitions:

Marginal Product

The extra production gained by adding one more unit of a specific input while keeping all other inputs unchanged.

Quantity of Land

The total amount or extent of land available for agricultural production, real estate, or other uses.

Factor of Production

An input used in the production of goods or services, such as land, labor, capital, and entrepreneurship.

Earnings

Earnings refer to the amount of money that an individual or business makes before any deductions are taken.