The New York Soccer Association Would Like to Accumulate $10,000

question 16

Essay

The New York Soccer Association would like to accumulate $10,000 by the end of 4 years from now to finance a big soccer weekend for its members. The Association currently has $2,500 and wishes to raise the balance by arranging annual fund-raising events. How much money should they raise at each annual fund-raising event assuming 8 percent rate of interest?

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Definitions:

Cervical Cap

A silicon, cup-shaped device that is inserted into the vagina to prevent pregnancy.

Toxic Shock Syndrome

A rare, life-threatening complication arising from bacterial infections, often associated with tampon use.

The Pill

Common terminology for oral contraceptive pills, used for birth control and other hormonal-related treatments.

Diaphragm

A dome-shaped, flexible barrier that covers the cervix to prevent pregnancy.