Trish Needs to Have $20,000 One Year from Now

question 18

Multiple Choice

Trish needs to have $20,000 one year from now.She plans to make 9 equal monthly deposits,first deposit made today.What is the size of each deposit needed if the money is deposited into an account paying j₁₂ = 6%?

• A)$2135.12
• B)$2145.80
• C)$2156.53
• D)$2178.15

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Definitions:

Social Security Check

A monthly payment issued by the government to eligible individuals, typically retirees, disabled persons, and survivors of deceased workers, as part of a social insurance program.

U.S. GDP

The total market value of all goods and services produced within the United States in a given year.

Groceries

Items of food and other household necessities that are purchased regularly for consumption.

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of all final goods and services produced within a country's borders in a specific time period.