Howard Is Saving for a Holiday

question 32

Multiple Choice

Howard is saving for a holiday. He deposits a fixed amount every month in a bank account with an EAR of 14.7%. If this account pays interest every month then how much should he save from each monthly paycheck in order to have $14,000 in the account in four years' time?

• A) $176
• B) $308
• C) $220
• D) $352

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Definitions:

Fearful Of Failure

The pervasive and often irrational concern or dread of not meeting expectations or achieving success, which can inhibit risk-taking or trying new endeavors.

Imaginary Creatures

Fictional beings or monsters that exist only in the imagination and are not based on any real creatures.

Gender-schema Theory

A theory suggesting that people learn about gender roles and cultural expectations primarily through socialization.

Gender Concepts

Theories and notions that explain how society interprets and interacts with differences in gender identities and roles.