Betty Wants to Accumulate $1 Million by the End of 20

question 54

Multiple Choice

Betty wants to accumulate $1 million by the end of 20 years by making equal annual year-end deposits over the next 20 years. Assuming Betty can earn 10 percent over this period, how much must she deposit at the end of each year?

• A)$18 560
• B)$22 000
• C)$14 760
• D)$17 460

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Definitions:

Meiosis

A type of cell division that reduces the chromosome number by half, resulting in the production of gametes or sexual reproduction cells.

Haploid Gametes

Sex cells (sperm or ova) containing half the number of chromosomes of a normal cell, crucial for sexual reproduction.

Mesoderm

The middle layer of the three primary germ layers in the early embryo, which develops into muscles, bones, circulatory system, and other internal organs.

Ectoderm

The outermost layer of cells or tissue of an embryo in early development, giving rise to the epidermis and nervous system.