Casey Has $1,000 to Invest and Would Like to Buy

question 56

Multiple Choice

Casey has $1,000 to invest and would like to buy a $3,000 jet-ski in four years.If interest is compounded annually,what interest rate will she have to receive to reach her goal?

• A) 300%
• B) 16%
• C) 32%
• D) 3%
• E) 7%

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Definitions:

G.I. Bill

Legislation passed in 1944 providing various benefits to returning World War II veterans, including low-cost mortgages, low-interest loans to start a business, cash payments for tuition and living expenses to attend college, high school, or vocational education.

Returning Soldiers

Military personnel who come back to their homeland after having served in a conflict or war, often facing challenges such as reintegration into civilian life and dealing with the physical or psychological impacts of their service.

International Role

The function or position that a country plays in the international community, involving diplomacy, trade, aid, and other global interactions.

Economic Power

The capacity of a country, corporation, or individual to influence market conditions, consumer behavior, or government policy through financial means.