Janice Would Like to Send Her Parents on a Cruise

question 36

Multiple Choice

Janice would like to send her parents on a cruise for their 25th wedding anniversary. She has priced the cruise at $15,000, and she has 5 years to accumulate this money. How much must Janice deposit annually in an account paying 10 percent interest in order to have enough money to send her parents on the cruise?

• A) $1,862
• B) $2,457
• C) $3,000
• D) $2,234

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Definitions:

Hidden Agenda

A covert intention or plan not openly acknowledged by an individual or group.

Iceberg Effect

The phenomenon where only a small part of a wider issue is visible or understood, while the bulk remains hidden.

Physical Well-being

A state of health and fitness, characterized by the absence of illness and the robustness of the physical body.

Personal Sources

Information or advice obtained from personal contacts or experiences, rather than from official documents or professional literature.