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:

Current Status

The present condition or position of a process, project, or situation at a specific point in time.

Legal Requirements

Obligations that individuals or organizations must comply with according to laws and regulations.

Compliance

The act of conforming to laws, regulations, guidelines, or specifications.

Wagner Act

A foundational piece of labor legislation in the United States that established the rights of workers to organize into unions and to bargain collectively with their employers.