John Wants to Have $6,215 in 13 Years to Buy

question 88

Multiple Choice

John wants to have $6,215 in 13 years to buy a Laser 2 sailboat with a spinnaker and trapeze.After he has owned the boat for 15 years he will need $2,500 for hull maintenance.How much must he deposit at the end of each year for the next 13 years to save enough money for the purchase and maintenance? His savings account pays 9%.

• A) $300.67
• B) $267.61
• C) $213.02
• D) $270.77
• E) $211.68

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Definitions:

Overeating

Consuming food in quantities greater than the body’s energy requirements.

Deprivation Dwarfism

A condition caused by extreme emotional or physical deprivation during childhood, resulting in stunted physical growth.

Growth Hormone

A hormone that stimulates growth, cell reproduction, and cell regeneration in humans and animals.

Genetic Defect

A mutation or abnormality in an individual's DNA that can lead to physical or physiological disorders or diseases.