Howard Is Saving for a Long Holiday

question 92

Multiple Choice

Howard is saving for a long holiday.He deposits a fixed amount every month in a bank account with an EAR of 7.5%.If this account pays interest every month then how much should he save from each monthly paycheck in order to have $10,000 in the account in two years' time?

• A)$161
• B)$166
• C)$388
• D)$4818
• E)$417

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Definitions:

Local Union Actions

Activities or initiatives taken by a local branch of a union, such as strikes or negotiations, to address specific workplace or community issues.

Union Organizing

The process by which workers come together to form a labor union in order to negotiate collectively with their employer.

Collective Bargaining

A process where employers and representatives of workers negotiate terms of employment, such as wages, hours, and workplace conditions.

National Unions

Organizations that represent the collective interests of workers across a specific nation, advocating for better wages, working conditions, and rights.