Melissa Is Saving for a Car

question 83

Multiple Choice

Melissa is saving for a car. She deposits a fixed amount every month in a bank account with an EAR of 5.5%. If this account pays interest every month then how much should she save from each monthly wage in order to have $15 000 in the account in three years' time?

• A)$348
• B)$396
• C)$4 620
• D)$385

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Definitions:

Cruciform Halo

A specific type of halo in Christian art that is shaped like a cross, signifying the crucifixion of Jesus Christ, often used to denote holy or sacred figures.

Christian Saint

A person recognized by the Christian Church for their exceptional piety, virtue, or martyrdom, often venerated and invoked in religious practices.

Cross-inscribed

Marked with a cross symbol, often found in religious contexts or as decoration on various objects and architectural elements.

Sant'Apollinare Nuovo

An early Christian basilica in Ravenna, Italy, known for its rich collection of Byzantine mosaics dating back to the 6th century.