If You Had the Choice of Choosing $3,000 Now or $5,000

question 13

Essay

If you had the choice of choosing $3,000 now or $5,000 in five years,which one would you choose if the APY were 12%?

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Definitions:

McClelland's Three-Need Theory

A motivational theory which states that the needs for achievement, power, and affiliation are key drivers of human behavior.

Need For Achievement

A psychological drive that motivates individuals to strive for success and excellence.

Need For Affiliation

A person's desire to form and maintain strong relationships, be part of a group, and feel connected to others.

Need For Affiliation

An individual's desire to build relationships and feel part of a group, important for understanding motivation and behavior in social settings.