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:

Federalists

A political group in early United States history that advocated for a strong federal government and the ratification of the Constitution.

Debate Clubs

Organizations where individuals gather to discuss and argue about various topics, improving their critical thinking, research, and public speaking skills.

Jefferson's Presidency

The period from 1801 to 1809 when Thomas Jefferson served as the third President of the United States, notable for the Louisiana Purchase and Lewis and Clark Expedition.

Federalist Policies

Policies related to or supporting a system of government in which several states unite under a central authority but retain certain independence.