You Need $8,000 Four Years from Now for a Down

question 31

Multiple Choice

You need $8,000 four years from now for a down payment on your future house. How much money must you deposit today if your credit union pays 5% interest compounded annually? Pick the closest answer.

• A) $6,269.59
• B) $6,578.95
• C) $6,394.12
• D) $6,189.83

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Definitions:

Policy Effectiveness

The measure of the extent to which public policies achieve their intended outcomes and objectives.

Policymaking Process

The method by which governments create policies to address public issues, involving problem identification, policy formulation, adoption, implementation, and evaluation.

Affordable Care Act

A health care reform law enacted in March 2010, aimed at expanding insurance coverage, controlling health care costs, and improving the health care delivery system in the United States.

Health-Care Insurance

A policy that covers the whole or part of the risk of a person incurring medical expenses, spreading the risk over numerous individuals.