Gordon Started Saving $25 a Month at Age 20 in an Account

question 114

Multiple Choice

Gordon started saving $25 a month at age 20 in an account earning 4% compounded monthly.At age 40,he will have ____ in this account.(Use time value tables or financial calculator.)

• A)$6,000
• B)$7,170
• C)$9,169
• D)$9,255
• E)$9,890

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Definitions:

Smoking Cessation

The process of discontinuing tobacco smoking, often involving various support strategies and aids to overcome nicotine addiction.

Heart Disease

A range of conditions that affect the heart, including coronary artery disease, heart rhythm problems, and heart defects.

Social Connections

The relationships and interactions with family, friends, colleagues, and others that provide a sense of belonging and support.

Secondhand Smoke

Tobacco smoke that fills an environment when a person smokes, causing exposure to bystanders, which can lead to health issues in non-smokers.