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

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Definitions:

Deceleration

The process of slowing down or reducing speed.

Middle Class

A socio-economic class between the working class and upper class, typically associated with moderate income, higher education levels, and stable employment.

Global Inequality

The unequal distribution of resources, wealth, opportunities, and power across countries and within societies worldwide.

India

A country in South Asia, known for its diverse cultures, languages, and history as one of the world's oldest civilizations.