Terry Started Saving $50 a Month at Age 25 in an Account

question 106

Multiple Choice

Terry started saving $50 a month at age 25 in an account earning 6% compounded monthly.At age 40,she will have ____ in this account.(Use time value tables or financial calculator.)

• A)$5,252
• B)$9,000
• C)$9,540
• D)$13,962
• E)$14,541

---

Definitions:

Incentive

Something that motivates or encourages an individual to take action or behave in a certain way.

Homeostasis

The process by which living organisms regulate their internal environment to maintain a stable, constant condition for survival.

Ambient Temperature

The air temperature of any object or environment where equipment is stored or operated.

Body Temperature

The measure of the body's ability to generate and get rid of heat; essential for the proper functioning of enzymes and metabolic processes.